“Within 5 years, camera technology will be part of the commercial trucking underwriting process,” says Ricky Hale, VP of Commercial Auto Operations at Paramount General Agency. “While drivers may be reluctant to adopt interior-facing cameras, front-facing cameras provide benefits to all those involved: the insureds can better control their premiums, while brokers can maintain their clientele by reducing premiums.”
Paramount General Agency provides brokers and their clients the ability to fulfill their insurance needs by offering a robust multi-line suite of products that focuses on the Transportation and Construction industries. One of its exclusive programs is its NAFTA Long-Haul Trucking program. The program is designed for trucking and transportation companies domiciled in Texas involved in the import and export of products from Mexico.
Always on the lookout for innovation, Hale decided to offer better insurance programs by requiring trucks to install dash cams with a cloud backup of any harsh driving event, including collisions. “It’s well-known that the current environment is very litigious in general and especially with regards to 18-wheelers,” he said. “To control loss-ratios we need to have the video evidence to be able to tell exactly what happened, and also clearly communicate to the other side that we have that information and can prove our side of the story”.
With cloud-based dash cams, Hale foresees changes to parking lot incidents, where it was almost impossible to tell what the truck has hit vs previous damage, minor events like sideswipes or when the other vehicle had been driving recklessly. “With video we can convince the other part to settle and stay out of court,” says Hale.
Dash cams also enable Paramount to receive a quick and evidence-backed First Notice of Loss, with no dependence on the driver’s decision of whether to share video or not, and no need to physically access the dash cam. “Once we have that information, it helps us contact the claimant, show the truth of what happened, and settle quickly,” said Hale. “I believe this will reduce loss ratios and help insureds control their premiums.” Additionally, insureds will have additional benefits beyond premiums as they can better manage their fleets, understand routes and driving behaviors and coach accordingly, Hale further commented, ”While drivers may be resistant to using interior-facing cameras, that isn’t a major issue, since a forward-facing camera alone may support most claim resolution needs”.
Paramount is owned by Integrated Specialty Coverages (ISC) a leading, multi-line program administrator focused on innovation. As part of that vision, Hale sees many opportunities for data-driven innovation based on the dash cam program. “Once the data we collect through the program starts growing, we can begin to run analyses and look at parameters such as the radius of operations, driving to approved vs unapproved locations, speeding, geo fencing and more. I believe that we can create meaningful account and driver scorecards, better understand crash indicators, all to save lives and mitigate losses”.
“We’re excited to have chosen Nexar,” says Hale. “They cover everything from great hardware at the right price through to customer success to ensure fleet owners install and have a good DIY experience, along with future technology to perform AI-based collision reconstruction”.
About Integrated Specialty Coverages
Integrated Specialty Coverages (ISC) is a leading, multi-line program administrator dedicated to underwriting excellence, client service, and customer experience. ISC has built an end-to-end insurance platform by connecting a broad network of insurance markets and distribution channels with proprietary data analytics capabilities. The firm uses sophisticated technology and analytics to revolutionize how complex programs are underwritten and operated. They are joined by experienced professionals from all spheres of the insurance ecosystem. ISC's strategy is focused on a combination of strategic M&A, data-driven decision making, as well as an innovative means of delivery. ISC provides its partners with high-quality service, competitive commission, and creative product delivery options to help expand their footprint in any desired line or class of business. Please visit: https://iscmga.com/
About Paramount General Agency
Paramount General Agency provides brokers and their clients the ability to fulfill their insurance needs by offering a robust multi-line suite of products that focuses on the Transportation and Construction industries. With exclusive Trucking and Contractors programs, Paramount is able to offer niche coverages, competitive commissions, and flexible financing terms designed to suit various customer needs. In addition to our exclusive programs, Paramount also offers wholesale solutions for a number of other lines of business across all industry segments. Please visit: https://paramountgeneralagency.com/