Why Your Fleet Insurance Costs Are Increasing and How to Leverage Technology to Reduce Insurance Risk
Are you ready for another double-digit increase in your commercial auto insurance premiums? According to a June 2020 report by AM Best, “the U.S. commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results.” These worse underwriting results mean continued rate increases on commercial fleets. And things will only get worse – many expect double-digit rate increases to persist post-pandemic and into the foreseeable future.
Join us as Harry Storck, Director of Risk Control at Protective Insurance, provides insight into the state of the commercial auto insurance industry and explores the reasons why your premiums continue to rise. Then listen to Chad Howell, VP of Product Management at TRUCE Software, as he explores ways to leverage technology to reduce the chances of accidents.
You will learn:
- The impact recent ‘nuclear verdicts’ have on your rates – and how to decrease your risk of runaway verdicts.
- Why technology is increasing the costs of commercial motor vehicle accidents – and how it can also prevent them.
- How the adoption of “passive/identify only” safety technologies are like gym memberships. You need sustained usage to maximize results.
- Move beyond “the honor system” to enforce fleet safety policies and change driver behavior.
Director, Risk Control
Harry is responsible for creating new tools and thought leadership content to benefit Protective’s loss prevention team, underwriters, broker partners and clients. Harry also acts as Protective’s conduit to the commercial vehicle safety ecosystem working with leading and emerging vendors in that space. Prior to joining Protective, Harry lead AIG’s commercial auto risk consulting practice. He has significant experience with the opportunities and challenges associated with vehicle technology solutions.
VP Product Management
As Vice President of Product Management at TRUCE Software, Chad drives the overall product strategy and engineering roadmap for both existing and new markets, advancing the TRUCE software platform to further reduce risk and increase productivity throughout the workplace and across industries.