Trucking companies do not have many options when it comes to insuring their fleets. This lack of capacity and competition in the market has contributed to the sky-high rates that many companies struggle to pay in today’s difficult economic environment.
Transportation Insurance Experts (TIE) is out to change that.
As a managing general agency and wholesale insurance broker focused on the for-hire trucking industry, TIE has experienced rapid growth in both geographic reach and agency partnerships since its founding in 2015.
Now, TIE is launching another innovative insurance product for this sector. The organization’s new admitted trucking program is representative of TIE’s dedication to bringing more capacity to the underserved trucking insurance landscape.
This product, which includes auto liability, physical damage coverage and general liability, is specifically tailored for small to midsize operations and will be rolled out through various interactions over the coming months.
“It is supply and demand,” Tyler Christensen, vice president of underwriting at TIE, said. “The greater number of insurers willing to cover trucks, the more opportunities arise for other insurers to diversify their portfolios and reduce concentration in specific geographical areas.”
When the supply of insurance products on the market increases, it drives down prices for trucking companies and gives them more coverage options to choose from. This is in line with TIE’s overarching trucker-first approach.
“We are thinking with the trucker at the forefront,” Christensen said. “Our entire distribution channel and quoting process have been designed with the trucker in mind.”
In order to provide a better experience for truckers and agents alike, TIE’s program allows its partnering agents to issue endorsements and approve drivers within minutes. With industry averages as long as two days for approvals, these quick approvals make it possible for trucking companies to keep goods moving and avoid delays.
“Ultimately, creating the efficiencies we have can deliver better service not only to the agents but also the end trucker,” Sandy Scardina, senior vice president of strategic relationships at TIE, said. “What we are trying to do is deliver the best service to get these truckers on the road and get them properly insured so they can deliver to Americans who need their product.”
TIE has spent the past two years refining its position in the market and positioning itself to launch this product, according to Scardina.
The company is buoyed by three pillars of success:
Talent
The company has recruited experienced staff nationwide to add the most talented people possible to its ranks. On average, TIE employees – from underwriters to service staff – boast eight years of experience.
Expertise
TIE only does business with transportation experts. The company has downsized its retail agency network to ensure all its agents know the trucking industry well and can guide customers toward tailored solutions.
Technology
TIE has developed a technological platform that enables its agents to work quickly and deliver quotes at industry-leading speeds.
“It’s not rocket science, we just know trucking,” Scardina quipped.
Click here to learn more about TIE.
The post TIE brings new insurance product to underserved market appeared first on FreightWaves.
