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  • Madeline Eby

Small Fleet Advantage Adjustable Rate Insurance for TruckingWins 2021 Celent Model Insurer Award

Aon – CarrierHQ’s Small Fleet Advantage Adjustable Rate Insurance for Trucking Wins 2021 Celent Model Insurer Award for Data, Analytics, and AI

Aon – CarrierHQ received Celent’s industry-leading 2021 Model Insurer Award for Data, Analytics, and AI award for their Small Fleet Advantage product, the trucking industry’s 1st and only online Pay-How-You- Drive trucking insurance that helps carriers of 1-20 trucks control their insurance costs in-term.

Celent’s annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.

Auto liability insurance premiums have doubled in recent years as the second highest fixed expense for a small fleet and the largest up-front expense for a new fleet. Obtaining proper coverage takes weeks to secure and often requires small fleet owners to pay expensive down payments and quarterly installments often including premium financing at 10% or higher. To overcome these challenges for small fleets, Aon and CarrierHQ partnered to fill this gap in the market for small fleet trucking and to provide small fleets the ability to directly influence their insurance premium expense during the policy term.

Aon and CarrierHQ created and launched the innovative platform where a fleet goes to for a fast, 100% online/self-service experience for safety/risk assessment, quoting, underwriting, quote acceptance, enrollment, binding, and installments/payments. CarrierHQ utilizes real-time integrations to gather underwriting detail for processing and rating by Aon Affinity, leveraging the Quicksolver platform from Insurance Information Technologies Inc. (Instec) and then presenting a bindable quote to the fleet through CarrierHQ. Once the policy is active, the program adjusts the fleet’s rate monthly based on driving behavior from electronic logging device (ELD) telematic truck data creating a valuable incentive for safe driving fleets which can save up to an additional 30% monthly from their base rate. Telematic-based driver safety training is also offered to assist fleets in improving their overall fleet safety. The program’s mission is to give small fleets the information needed to operate safer and the incentive structure to motivate the appropriate actions.

“Small fleet insurance rates are typically two to three times that of what a large fleet would be,” said Mark Epperson, executive director at Aon. “We want to give those small fleets an advantage that they didn’t have previously and help them cash in off of their better driving experience. We’re very appreciative of Celent recognizing the significant advanced technology ecosystem that’s working in real-time to support Small Fleet Advantage – in order to deliver an easy and fast experience for clients coming through the portal on the front-end. Giving carriers the information they need to then operate more efficiently and effectively will help with their cash flow, profitability, and ultimately help them grow.”

“Fleet owners have told us that CarrierHQ has helped them save money, increase cash flow, and increase profit sooner than they thought. They love the program’s ELD-based driving stats and alerts so they can immediately tailor safety training to target issues their drivers face.” said Scott Prince, CEO of CarrierHQ. “CarrierHQ’s customer-centric Product, Client Success, Factoring, Finance, and Operations professionals are very proud to be insurance-tech transportation leading innovators, and we thank Celent for this prestigious award.”

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