Insurance and accidents can be especially frustrating because you feel like you have no control over either. The fact is you can take significant control back over both.
Join our two-part webinar series Truckers: Avoid the Hard Market! to learn what to focus on to put you back in the driver seat.
Webinar Part I, Driving 2 Perfection: Eliminating Losses that Drive Up Your Premium
Join us for a webinar on Wednesday, July 23 12:00pm EST
National Risk Management Services (NRMS) developed a program called Driving 2 Perfection (D2P) that provides specific, actionable, and repeatable best practices for motor carriers to address the leading indicators of major losses before they happen. Check out these results from a fleet that embraced D2P on the graph below.
Fact: Proactively driving down events that lead to losses directly impacts your premium and insurance options. Are you interested to see how D2P can work for your fleet?
Nuclear Verdicts Drive a Hard Insurance Market
ATRI just released a study that confirmed our fears: large nuclear verdicts against the trucking industry have increased dramatically:
Nuclear verdict payouts have increased by more than 51% over the last decade, even though inflation has increased just 1.7%, and health care costs 2.9%
From 2015-2019, the number of cases in which juries awarded plaintiffs over $1 million saw a 1000% increase from the same statistic in 2006-2011
Underwriting losses in the the U.S.’s commercial automobile insurance segment deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years. The segment’s combined operating ratio was 109%, meaning truck insurance companies paid out 9 cents for every premium dollar received. Losing money is not a sustainable practice. Read more.
What does this mean for your fleet?
You guessed it, rates will continue to climb. You can either pay more for insurance by doing what you have always done or you can invest in a new safety program to drive down losses, such as the NRMS Driving 2 Perfection program. Join our Webinar on July 23 to learn more about the program and how it can help your fleet
Embrace Safety Culture to Avoid Large Losses
A plaintiff attorney experienced in litigating against trucking companies provides some specific advice on how to beat him: in short, fleets need a strong safety program!
An increased focus on camera tracking and monitoring is a key element of a strong safety program. Knight-Swift switched surveillance systems and placed a larger emphasis on driver monitoring as part of an increased, holistic approach to safety culture. Since implementation, they have seen risk and incidents go down while safety and profits have gone up.Introducing cameras as part of a continuous process towards an increased safety culture can be a critical step in lowering risk and incident rates.
What does a strong a strong safety culture look like? What are the leading motor carriers doing to embrace safety? Check out our Driving 2 Perfection: Eliminating Losses that Drive Up Your Premium on July 23rd for specific and actionable advice.
Part 2 of our Truckers Avoid the Hard Market! webinar series will focus on Captive insurance programs for motor carriers. Captives allow your business to exit the standard insurance market with other best-in-class carriers. Key benefits include:
Potential of return premium based on your results
Greater ability to control cost of risk
Pencil in 8/6 at 12pm EST on your calendar for the Captive webinar. Registration details to follow.
“NRMS helped us understand and implement (D2P) a disciplined approach and processes that have helped us minimize and eliminate potential risks in the environment that our drivers operate in. We applied their system throughout all of operations and it is working very well for us!”
Ed Nagle, President, Nagle Companies,
First Vice Chairman, Ohio Trucking Association