The 800+ billion dollar transportation sector is a high-stakes, complex industry undergoing major transition. Despite its significant role in the economy, transport companies are finding it difficult to remain profitable. They face extensive compliance and regulatory requirements, and these demands are being compounded by increasing insurance costs, leaner profit margins, and a shrinking driver pool.
Because of its symbiotic relationship with transportation, the insurance industry is also experiencing some challenges. Driver shortages, high-value cargo, and the onerous trucking compliance requirements are creating a high-risk environment in which insurers are hesitant to provide coverage. This reluctance has been fueled by losses that have swung in the direction of insurers.
Both industries are seeking strategies for keeping rising costs in check, effectively managing all aspects of compliance, and automating operations. A good place to start is with a better system for helping transportation companies streamline their compliance management and, at the same time, giving insurance companies greater visibility into the factors that drive their underwriting decisions.
Our whitepaper, A Practical Approach to Insurance and Regulatory Compliance for Transportation Companies, explores the state of the transportation industry, highlights current compliance-related responsibilities, and identifies practical approaches to help transportation companies keep their insurance and regulatory compliance obligations in check. We invite you to download a copy here.