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发布于:2018-6-15 01:38:49  访问:968 次 回复:0 篇
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Time For A More Power Efficient Truck Insurance Model
A trucker friend of mine once remarked that in order to deregulation you could funds in the trucking business despite yourself. Back in those \"good ole days\" government protected routes bequeathed an industry with LTL powerhouses, high paying Teamster jobs, and healthy returns. Today the trucking industry operates largely inside a free wheeling TL and increasingly intermodal template with nonunion drivers and owner operators. Profit margins if they exist at all generally come down to pennies on the dollar. No need to explain that only the most productive trucking companies have survived this transformation - painful, but a net plus for consumers.
Now contrast the competitive untidiness in trucking with the inert if not orderly nature among the truck insurance marketing. Life pretty much continues as it always has: same structure, same production model, same economics. Where convention breeds productivity, it certainly makes sense, but with truck insurance, convention has only meant unnecessarily high payments.
Broadly speaking framework of the truck insurance business fights into two segments: agents (including brokers) and insurance reputable companies. Agents solicit and service business, while insurance companies underwrite, issue policies and pay hype. Agents make money on commissions. Insurance companies make money on favorable underwriting results and investment benefit.
Contrary to the perception of truckers, operating profit margins for insurers can mirror those of most trucking companies. Where truckers have their operating ratio, insurers have their combined ratio. Both measures quantify operating profit as a area of revenue. In good years, both industries typically generate ratios between 90 and 100%, yielding operating profit margins up to 10%.
By way of comparison, margins for the best successful truck insurance agents run - 20 to 40% in good times and bad: a nice return considering agents bare no underwriting risk.
But let`s not judge these economics too hastily. The truck agent has done an exceedingly splendid job of establishing himself as cars purveyor of value for both trucking company and insurance company alike. Here`s the perception. From the insurance company`s viewpoint, the truck insurance agent provides an invaluable service in terms of producing business and servicing clients. Therefore, the insurance company feels quite justified in paying healthy commissions particularly on business that generates a combined ratio of less than 100%. Correspondingly around the trucking company`s angle the agent provides an invaluable service existing position . his knowledge of this insurance market and also the ability to match a trucking company`s coverage needs with capable and affordable insurer. Why begrudge the man a full time income? Besides he always picks up the tab for lunch and golf.
However, with advances in technology, extremely only the insurance company matters. The Internet increasingly has relegated the agent for the status of tag along. He a lot more serves as the conduit for exchange between trucker and insurer. Rather toy trucks of instant information, he increasingly gets in the manner for you. Need a quote? Google it. Looking for accident statistics? Log on to Safersys. Curious about some insurance company`s rating? Pull up A.M. Best. Curious about the type of freight a company hauls and the positioning of its machines? Check out their website. Concerned about whatever is lost ratio? E-mail the underwriter. Fender bender? Snap a picture from your cell then fire off a text message to the claims department. It`s so much more efficient than leaving a voice mail message with a brokerage.
Just as you no longer need a travel agent to book travel, you no longer need an ins . agent to buy insurance. Strangely, both trucker and truck insurer seem unwilling to acknowledge this fact. For you to some degree, custom plays a role. Historically, most contracts between agent and insurer specify that the agent owns client list. Thus, insurance companies generally remain reluctant to communicate directly with their insured`s. Also truckers are in the habit of dealing with agents not underwriters.
A simple step toward efficiency hold all truckers insisting that neither agent nor insurer can claim ownership regarding account. This change in practice would set the stage for direct negotiations between trucker and truck insurer, and by extension pave the way for lower premiums.
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