As carriers “tighten their belts” in the auto insurance marketplace, investment in technological innovations focused on loss prevention have been heralded by some as a way for trucking accounts to show they’re serious about risk management. However, there are speed bumps along the way as commercial trucking companies consider implementing these new tools.
“The national average for truckers is 5% profit margins, so that doesn’t leave a lot of room for them to reinvest,” said Mike Mitchell (pictured), area president – transportation for Risk Placement Services (RPS). “For them to really invest in the [technology], they need to see that the insurance companies are going to give them some sort of discount on their insurance premiums to offset that.”
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