On Idelic’s recent webinar, “Reduce Insurance Costs: Using Fleet Data to Prove Your Safety to Insurers” our presenters discussed how fleets can use their data to work with insurance carriers and unlock a fair rate.
During the webinar, which you can watch a full recording of here, our presenters highlighted three things every fleet should understand about reducing insurance costs:
#1: Insurance Costs Are on the Rise for a Few Big Reasons
- Nuclear Verdicts
The average cost of a claim has grown significantly in the wake of rising Nuclear Verdicts. Excess coverage layers that were traditionally never in play are now seeing major cost increases.
- New Distractions
New distractions on the road, such as cell phones, have brought new liability upon fleets and increased the frequency of claims made.
- Insurance Carrier Exits
Many insurance carriers have left the market because of volatile conditions, restricting the supply of insurance options and further exacerbating high costs.
#2: The Best Driver Data is Data Fleets Can Use
Between ELDs, cameras, training platforms, HR systems, asset information, and other forms of data, it’s hard for fleets to determine which data insurance carriers are most interested in.
The answer is simple: the best data is that which fleets can use. If a carrier can’t act on their data, then it only serves as a benchmark of performance. Insurers are just as interested in seeing how fleets respond to their data as they are to benchmarking them.
#3: Fleets Should Want to Share Their Data with Insurers
Some fleets are hesitant to share data with insurance carriers because they’re worried they could be penalized for any negative trends it may reveal.
While this thought process is understandable, it doesn’t work that way in practice. If a fleet doesn’t share their data, then insurers are more likely to assume the worst than assume the best. Sharing data also demonstrates to insurers that a fleet is operating in good faith, which can go a long way toward achieving favorable rates.
How Can Fleets Get More From Their Driver Data?
The Idelic Safety Suite® is the most comprehensive driver management platform in the trucking industry, pulling in data from all of a fleet’s technology systems into a single location.
With Safety Suite, fleets can standardize their training, driver engagement, safety processes, and claims management across their organization, which reduces liability after a crash and demonstrates to insurers that they are operating with safety and risk reduction in mind.
If you’d like to learn more about how Safety Suite has helped fleets like Pitt Ohio reduce their claims costs by 48% and improve retention by 43%, watch a 2-minute demo or sign up for a deep dive here.