Trucking companies don’t have many options when it comes to insuring their vehicles. This lack of production capacity and competition in the market contributes to the very high prices that many businesses struggle to pay in today’s difficult economic environment.
Transportation Insurance Experts (TIE) is trying to change that.
TIE, a general agency and wholesale insurance broker management company focused on the rental trucking industry, has experienced rapid growth in both geographic coverage and agency partnerships since its founding in 2015.
TIE is now launching another innovative insurance product for this sector. The organization’s newly recognized trucking program represents TIE’s dedication to bringing additional capacity to the underserved trucking insurance industry.
The product, which includes auto liability, property damage coverage and general liability, is specifically tailored for small and medium-sized businesses and will be rolled out through various interactions over the coming months.
“It’s supply and demand,” said Tyler Christensen, vice president of underwriting at TIE. “The more insurers are willing to insure trucks, the more opportunities there are for other insurers to diversify their portfolios and reduce their concentration in certain regions.”
As the supply of insurance products increases on the market, prices for trucking companies decrease and they have more coverage options to choose from. This is in line with TIE’s comprehensive trucker-first approach.
“We’re putting truckers at the forefront of our minds,” Christensen said. “Our entire distribution channel and quoting process is designed with truckers in mind.”
To provide a better experience for both truck drivers and agents, TIE’s program allows partner agencies to issue approvals and approve drivers within minutes. The industry average is two days for approval, so these quick approvals allow trucking companies to continue moving goods and avoid delays.
“Ultimately, by increasing efficiency, we can better serve not only our agents but also our truckers at the end of the road,” said Sandy Scardina, TIE’s senior vice president of strategic relationships. says. “What we’re trying to do is provide the best possible service to get these truckers on the road, properly insured and able to get their products to Americans who need them. is.”
According to Scardina, TIE has spent the past two years honing its market position and poised to launch this product.
The company is underpinned by three pillars of success:
talent
The company recruits experienced staff across the country to bring the most talented people possible into its ranks. From insurance brokers to service staff, TIE employees average eight years of experience.
expertise
TIE only works with transportation professionals. The company has downsized its retail agent network to ensure all agents have a better understanding of the trucking industry and can guide customers to tailored solutions.
technology
TIE has developed a technology platform that enables agents to work quickly and provide quotes at industry-leading speeds.
“This is not rocket science. We just know about trucking,” Scardina quipped.
Click here to learn more about TIE.
