Compliance, IT aid insurance risk management for transporters

Image courtesy: Benjamin Earwicker/freeimages.com

Image courtesy: Benjamin Earwicker/freeimages.com

A fresh wave of technology investments by fleet operators and transport organizations can be seen in technologies and tools that improve their insurance risk management.

Josh Thompson, a senior broker with Aon Risk Solutions observes that it’s becoming simpler to evaluate and measure risk nowadays with accurate information being readily available to motor carriers. Insurance carriers of today are aware of motor carriers’ Compliance, Safety, and Accountability (CSA) scores and are using these to decide whom to do business with. As a result, trucking firms can be seen investing in their insurance risk management programs to improve their CSA scores, thereby creating safer fleets.

Rick Ochsendorf, senior VP of operations at PeopleNet, notes that his company is witnessing nearly twice the amount of data requests from insurance companies over the last two years – specifically where CSA-focused metrics are concerned. Ochsendorf also observes that by utilizing data from technologies for tracking HOS (hours of service), speed monitoring, cameras and sensors, real time tracking of equipment for longevity and fault codes, cargo damage and theft, etc., trucking clients can considerably alleviate their  insurance risks.

Another area that has been helping transporters to keep insurance costs low is insurance telematics. By harnessing the built-in safety tools, integrated logs, speed gauges and monitoring systems, insurance claims can drop significantly. This story published by FleetOwner shows that along with these technological advancements how transporters will be required to take a holistic approach to manage their insurance costs.

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