Insurance experts offer tips on how carriers can lower rates
Summary
With fuel prices up and demand for freight capacity lowering, trucking companies are looking for ways to trim insurance rates, and industry experts say investing in technology, combined with other factors, can help. Flaherty said an insurance provider is going to look for the basic data like vehicle and driver files as well as deeper information like retention rates and hiring and training processes. Flaherty said your insurer’s claims department matters for the longevity and livelihood of a carrier, and there are a lot of imposters coming onto the scene these days. But he said loss history is merely a small slice of the pie and doesn’t carry much weight because if driver scores, for example, are elevated and a carrier has high turnover rates, an underwriter will view that account as lucky with expectations that it’s only a matter of time before a bad claim occurs. So if you can create that happy circle over a couple or few policy periods, I think youre going to be sitting in the catbird seat with some of the best rates, terms and conditions that you can get in the industry.”