Idelic’s Hayden Cardiff sat down with Tim Smith of Pivotal Fleet Solutions, Max Brusky of Gallagher Bassett, and Chris Demetroulis of Gallagher, for the webinar “Rising Fleet Insurance Costs: Battling Back!” They discussed what fleets can do to obtain a favorable insurance rate and mitigate the cost of claims.
During the webinar, which you can watch a full recording of here, they highlighted three things every fleet should understand about obtaining affordable insurance:
#1: Insurance Rates Are on the Rise for Three Main Reasons
Due to 24-hour news stations, viral social media, online broadcasts, and increased plaintiff’s attorney advertising, the general public is more likely than ever before to see large truck crashes as a major threat.
Litigation Funded by Private Equity
Nuclear Verdicts have become so much more common and profitable, that private equity firms are funding suits against carriers in exchange for a portion of the winnings. This gives plaintiffs an edge over fleets with regard to paying for legal fees.
A Rise in Anti-Corporate Sentiment
Carriers are corporations, and large carriers can be falsely painted as faceless, greedy corporations to the general public. The recent rise in anti-corporate sentiment makes it easier for plaintiff’s attorneys to win in court.
#2: Fleets Need a Timely & Specific Response Plan
When a claim is made you need to have a rapid response plan in place. What happens in the first four minutes, four hours, and four days is critical.
Additionally, you should have a plan for every step of the claim process. The driver needs to communicate to their supervisor, your fleet’s legal team needs to be involved right away, and your fleet needs to document and preserve as much information as possible.
#3: Insurance Carriers Are Most Interested in Fleets Who Invest in Technology
Fleets with an ample amount of data on their safety practices and risk management procedures are seen as worthwhile investments to insurers.
Fleets that have this data are more able to target their process improvements to the areas of their business that need them most, which insurers believe makes them a better long-term partner.
The Tool You Need to Unlock These Benefits
The Idelic Safety Suite® is trucking’s premier driver management platform and gives fleets the tools they need to unlock a fair rate.
With Safety Suite, fleets can standardize their training, claims management, and escalation processes across their fleet, which reduces liability after a crash and demonstrates to insurers that your fleet is operating with safety and risk reduction in mind.
If you’d like to learn more about how Safety Suite can help your fleet unlock a fair rate, watch a 2-minute demo here.