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Thought Leadership Webinar: Managing Your Total Cost of Risk in a Downturn Economy
Five things fleets should know to lower losses and reduce insurance costs
With experts predicting a global recession in early 2023 and skyrocketing insurance rates rising by 7.4% in 2022, fleets are increasingly needing to understand their Total Cost of Risk (TCOR) to manage rising expenses and maintain profitability.
More than insurance premiums paid, retained losses and administrative costs, TCOR includes the total cost of the items that fleets are responsible for, such as insurance premiums, retained losses in the form of deductibles and uninsured losses, indirect costs of claims and administrative costs. Other factors can include the following:
- Transaction costs
- Loss of reputation
- Loss of market share
- Additional training
- Product loss
- Production decrease
- Claims reporting and investigation
Join us to hear economic and insurance experts discuss the following:
- Why understanding and managing TCOR in 2023 is more important than ever
- Economic predictions that impact the commercial auto fleet industry
- What fleets can do to lower their TCOR and find cost savings
- What fleets can do ahead of their next insurance renewal to stabilize insurance rates
About the Presenters:
David Bauer, Vice President, State & Tax Policy, ATA
David Bauer has expertise on a wide array of both state and federal level political and policy issues. Currently, he is the Vice President for State & Tax Policy at the American Trucking Associations. In this role, he represents ATA's membership to statehouses, the Congress, and the federal government on a wide variety of issues touching on the trucking industry.
Prior to coming to the American Trucking Associations, David was part of Hyundai Motor Company's Washington Office, where he helped boost the profile of the company to statehouses and the United States Congress.
Previous to his role in the Hyundai Washington Office, he was Manager of State Relations for the Association of Global Automakers (now known as the Alliance for Automotive Innovation), a national trade group advocating on behalf of automobile manufacturers in all 50-states and the federal government.
David earned his J.D. from the University of Baltimore School of Law and he is a licensed attorney in the state of Maryland. He holds a Master of Arts in Political Management from The George Washington University Graduate School of Political Management, and earned a Bachelor of Arts degree from Washington College.
Tara Beeby, Vice President of Marketing, Idelic
Mike Gramm, SVP of Insurance, Idelic
Mike has spent his career innovating in the insurance industry by launching new products, building underwriting teams, developing proprietary predictive models, and ultimately successful insurance businesses. His career spans 23 years and over $1.5 Billion in premium under management. Today, he serves as Idelic’s Senior Vice President of Insurance and is spearheading Idelic's insurance strategies as we incorporate our industry-leading Idelic Driver Safety Program with various insurance products and services. He is passionate about lowering the risk of accidents for the benefit of drivers, fleets, and the motoring public.
Dr. Alex Leslie, Research Associate, ATRI
Dr. Alex Leslie is a Research Associate with the American Transportation Research Institute (ATRI). He serves as the primary author of ATRI’s Operational Costs of Trucking and Impact of Rising Insurance Costs on the Trucking Industry reports in addition to new research on young employee recruitment and driver-facing cameras. Alex holds a B.A. from the University of Notre Dame and a Ph.D. from Rutgers University.
THIS WEBINAR IS SPONSORED BY IDELIC
Idelic is focused on driving the best possible insurance outcomes for the transportation industry through the combination of process and technology. Combining the Idelic Driver Safety Playbook with Safety Suite®, the first end-to-end driver performance management platform, Idelic helps consolidate your existing driver data and systems into one streamlined platform, analyze it with proprietary machine learning models, and take action on hidden insights. Our advanced AI-based Driver Watch List, combined with a robust integration network and proven driver training plans, makes the Idelic program the most proactive and effective way to lower insurance costs, decrease liability, prevent crashes, and reduce turnover.
A recording will be provided to all approved registrants post webinar even if you are not able to attend.
NOTICE: ATA webinars are strictly educational for our members, and are not press events. The information contained in this webinar is not intended for, nor should it be used in, the production, editing or creation of news or analysis pieces. Participants are also forbidden from using them as background for published materials, white papers or other communications. Therefore, the contents of this webinar are strictly embargoed and off the record.