Three Lessons We’ve Learned from Trucking Insurance Carriers

Over the past year, Idelic has hosted insurance-themed webinars with fleet leaders, insurance professionals, our own partners, and trade associations. In that time, we’ve learned a lot about the market, how insurance carriers price risk, and what fleets can do to improve their rates. In anticipation of our upcoming webinar “Reduce Insurance Costs: Using Fleet Data to Prove Your Safety to Insurers,” we’ve packaged together three of our most useful lessons from the past year’s webinars.

#1: CSA Scores Alone Don’t Have to Sink Your Fleet

If your CSA scores aren’t strong enough to receive a fair rate from insurers, you can still demonstrate to insurers that your fleet has a stronger safety program than your CSA scores suggest by being upfront with your data. You should collect all your fleet’s data, organize it, and then be honest with insurers about your weak spots and your action plan to improve on them.

#2: Fleets Need a Timely & Specific Accident Response Plan

When a claim is made you need to have a rapid response plan in place and it should be widely understood. 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 ample data on their safety practices and risk management procedures generally produce lower exposure to risk in the eyes of 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.

What Technology Are Insurance Carriers Recommending?

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.