For most North American transportation carriers, dealing with high coverage rates has become problematic.
Trucking operations are dealing with a mountain of compliance and safety regulations, “nuclear” jury verdicts and an ongoing driver shortage. Coupled with the COVID-19 pandemic, risk management has never been more difficult.
The main risk management goals should be to optimize total cost of risk (TCOR), maintain contract compliance of independent contractors, and retaining and training drivers. Most trucking companies have in-cab and in-house data that can be used to improve risk management.
However, the difficulty arises when integrating that data into automatic driver training, insurance management and recruiting and onboarding: Often, transportation companies lack the technical tools or know-how to do so.
Optimizing the total cost of risk across your operation
A digital technology solution integrates and leverages data when it comes to calculating TCOR, determining fleet maintenance and training, and solving other risk management issues.
For instance, after an accident, a digital tool can help leverage in-cab technology and inform risk services training. Analyzing in-cab and phone data can determine if the accident was an isolated incident or represents a risk management problem happening across the organization.
In addition, an integrated digital tool enables claims scenario tracking, which will be key to passing an FMCSA audit and improving CSA scores, which are critical to winning new business and retaining good drivers.
An integrated digital tool enables driver onboarding and assessing prior FMCSA violation data. Integrating that information with driver training can improve CSA scores, which are critical to winning new business.
A digital tool is also essential in the midst of a driver shortage, as employers need expedited onboarding and training. Such a tool can file job applications, MVR records and drug tests — and link that data to workflows that automate insurance purchasing.
The challenge of coordinating contracts and COIs
Fleet carriers must coordinate multiple insurance policies, renewals and claims, while responding quickly to business opportunities. Maintaining digital contracts and agreements digitally can facilitate such coordination. Digital documentation also can be flagged for insurance requirements automatically and reviewed for liability risks and indemnification clauses.
An ideal digital system integrates data to calculate the cost of risk per mile and allows for fast procurement of insurance. Filing claims is easier and faster with a digital platform; it can also log and track other determinants of insurance costs, including the highest risk potential for drivers, shippers and routes.
Introducing HUB Drive Online
One technology tool that enables carriers to fully leverage data is HUB Drive Online. In a single dashboard, HUB Drive Online integrates data, individual risk management programs and service providers.
This single view of an entire fleet gives the insight to improve compliance, calculates cost per mile in real time and troubleshoots issues faster — and can determine a carrier’s TCOR. HUB Drive Online can help manage training, safety checks, maintenance, regulation and more from its interactive portal.
HUB Drive Online is an all-in-one solution for carriers and freight brokers, as well as for last mile, public auto and gig driver delivery operations that need greater compliance and integration with the supply chain.
Contact your HUB Transportation specialist for more information on how HUB Drive Online can help streamline data and costs into a single visual dashboard that improves efficiency and risk management.