Trucking companies don’t have many options for insuring their fleet. This lack of capacity and market competition has contributed to the exorbitant prices that many businesses struggle to pay in today’s tough economy.

Transport insurance experts (TIE) wants 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 geographic reach and agency partnerships since its inception in 2015.

Today, TIE is launching another innovative insurance product for this sector. The organization’s new admitted trucking program is representative of TIE’s commitment to bringing more capacity to the underserved trucking insurance landscape.

This product, which includes auto liability, bodily injury coverage and general liability, is specifically designed for small and medium-sized businesses and will be rolled out to various interactions over the coming months.

“It’s a question of supply and demand,” said Tyler Christensen, vice president of underwriting at TIE. “The more insurers there are willing to cover trucks, the more opportunity other insurers have to diversify their portfolios and reduce their concentration in specific geographies. »

When the supply of insurance products in the market increases, it lowers prices for trucking companies and gives them a greater selection of coverage options. This is consistent with TIE’s overall trucker-focused approach.

“We think with the trucker first,” Christensen said. “Our entire distribution channel and quoting process was designed with the trucker in mind.”

To provide a better experience for truckers and agents, TIE’s program allows its agent partners to issue approvals and approve drivers in minutes. With industry average approval times of up to two days, these rapid approvals allow trucking companies to keep goods moving and avoid delays.

“Ultimately, creating the efficiencies we have can provide better service not only to the agents but also to the end trucker,” said Sandy Scardina, senior vice president of strategic relationships at TIE. “What we’re trying to do is provide the best service to get these truckers on the road and insure them properly so they can deliver to Americans who need their products.”

TIE has spent the last two years refining its position in the market and positioning itself to launch this product, according to Scardina.

The company is based on three pillars of success:

• Talent

  The company has recruited experienced staff from across the country to add the most talented people possible to its ranks. On average, TIE employees – from underwriters to service staff – have eight years of experience.

• Skill

  TIE only deals with transportation experts. The company has reduced its retail agency network to ensure all its agents are knowledgeable in the trucking industry and can guide customers toward tailored solutions.

• Technology

  TIE has developed a technology platform that enables its agents to work quickly and provide quotes at industry-leading speeds.

“It’s not complicated, we just know trucking,” Scardina joked.

Click here to learn more about TIE.