Current Events Impacting the Insurance Industry: From the rapid escalation of COVID-19 to stock market volatility and decreasing consumer confidence, these are uncertain times for most. While it’s too early to predict the longterm impact COVID-19 will have on the economy, it’s important for insurance carriers to start taking the necessary steps to weather an almost certain economic downturn.
The market is evolving, with exceeding pressure surrounding customer expectations, increased competition, greater diversity and automated business process impacting underwriting performance. For insurance carriers targeting foreign or unlicensed drivers, these changes provide new challenges and opportunities when pricing and assessing risk.
The Greater Dayton Regional Transit Authority (RTA) is committed to safety practices focused on improving their risk management program. In fact, the importance of driver safety has been integrated throughout the organization. For example, signed driver policies are required for every employee, prompting them to self-report upon any change in license status. However, this does not always happen, leaving employees such as the Director of Safety, Security and Training Solutions left to discover the facts.
For over 75 years, Heidelberg Distributing Co. has been delivering beverages throughout the Midwest and is now the largest beer, wine and spirits distributor. With over 13,500 products to more than 26,000 beverage retailers, the company’s 300+ fleet of trucks services 630 suppliers - consider those numbers. With more than 500 drivers on the road every day, driver safety is a perpetual concern for the company.
With operations spanning multiple states, Wagner Equipment Co. needed to track compliance and safety, but remain agile and quickly identify high-risk drivers through annual motor vehicle record reviews. “We needed current data — more current than an annual review — and SambaSafety was the only company that offered it,” said Department of Transportation Clerk, Wagner Equipment Co.
With over 1,500 employees, Nine Energy Service (Nine) struggled to maintain an active list of individuals driving personal vehicles on company time. From commercial vehicle operators driving daily to other employees driving for company-related activities, it was critical to have insight on all employee driving behavior to ensure the integrity of their highway safety program.
DS Services originally came to SambaSafety looking to reduce administrative burden while increasing efficiency with their 3,500+ drivers. However, by incorporating continuous driver monitoring into their safety program, DS Services found the ability to impact their business function in other positive ways.
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