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 5. Top 3 Strategies to Reduce Insurance Costs with Trailer Telematics




TOP 3 STRATEGIES TO REDUCE INSURANCE COSTS WITH TRAILER TELEMATICS





Trailer Tracking



tags: trailer tracking telematics asset management Trailer Data SmartTrailer
trailer status telematics data trailer insurance


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By Carolina Ruiz • Published August 20, 2021 • 4 minute read

A June 2020 report by the American Transportation Research Institute (ATRI)
charted a 967% increase in the average amount of accident verdicts that involved
commercial vehicles between 2010 and 2018.

Insurance companies have increased premiums significantly in the past few years
to make up for their losses and to cover future draws against their general
auto, cargo liability, and property damage policies.

Higher insurance costs are raising the value of using telematics data to
proactively identify and mitigate the risks of accidents, cargo claims, and
equipment damages.

Telematics data is mostly used by fleets to monitor risky driver behaviors such
as speeding, hard braking, and other aggressive maneuvers

Trailer telematics data can be another valuable resource, especially for
shippers, freight brokers, and motor carriers that have trailer fleets they rent
to third-party carriers or share through other arrangements.

Also Read: Bennett Family of Companies Reduced Cost by $25 an hour

Equipment damages are not the only concern when trailers are being pulled by
third-party carriers. When trailers are involved in accidents, plaintiff
attorneys will try to bring all parties into litigation.

Below are three areas where transportation providers can use trailer telematics
data to reduce insurance premiums and prevent accident and cargo claims:


1. ESTABLISH A CHAIN OF CUSTODY:

Telematics data can prevent cargo claims, especially for temperature-sensitive
loads, by having a record of temperatures and other cargo conditions from origin
to destination.

Fleets can also identify where trailers are and how they are being used to keep
their customers, drivers, and third-party carriers accountable for damages and
to prevent their assets from being misused or stolen.

New cargo sensor technology adds another layer of protection. One of the most
recent advancements by SkyBitz is SkyCamera, a smart device with a volumetric
cargo sensor and high-definition camera. The device scans the full length of a
trailer to intelligently report empty or loaded status.



It also captures images at the door opening and closing events. This data can be
used to pinpoint why and when cargo damages occurred.

Also Read: Volumetric Cargo Camera For Trailer – Know What Inside Your Truck
Trailer


2. REDUCE EQUIPMENT DAMAGES:

SkyBitz trailer telematics solutions give users real-time visibility to how
their trailers are being utilized. By identifying assets that are underutilized
can help prevent damages since the trailers most likely to be hit are the ones
sitting idle in a drop yard.



Improving trailer turns is a proactive measure for reducing equipment damages.


3. IMPROVE CARRIER SELECTION:

Shippers, freight brokers, and motor carriers with trailer fleets can use
telematics to establish a better carrier selection process. When the data shows
a partner carrier has speeding incidents or other risky behaviors, a freight
broker could replace the carrier with a safer option or take proactive measures
to reduce risk.

Conclusion

As insurance premiums continue to rise and companies take on higher deductibles,
companies are adding more layers of protection by more fully utilizing trailer
telematics data and keeping up with the latest advancements in cargo sensor
technology.

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SkyBitz Inc. and SkyBitz Tank Monitoring Corporation are wholly owned
subsidiaries of Telular Corporation.

SkyBitz Petroleum Logistics, LLC is a wholly owned subsidiary of SkyBitz Inc.

SkyBitz, the SkyBitz Logo, SmartTank, SmartTrailer and SMARTruck are registered
trademarks of Telular Corporation.

Telular Corporation is business unit of AMETEK, Inc.

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