Southwest Airlines
A trucker friend of mine once said that, before deregulation, which could make money in the trucking business in spite of yourself. Back in the "Good Ole Days left government of a protected routes with great powers LTL sector, providing high Teamsters jobs, and profit margins. Today, the industry transport operates largely under a TL model freewheel and more intermodal with drivers and owner operators consolidated. Profit margins, if There are usually reduced to pennies on the dollar. Needless to say, only the most productive carriers that have survived this transformation – Painful, but a net benefit to consumers.
Now the contrary, the mess in the road transport competition to the inert nature of the otherwise orderly the vehicle insurance company. Life goes on much as it has always been: the same structure, the same production model, the economy itself. For racing the productivity of the convention, is certainly felt, but with auto insurance, the Convention provides only premiums unnecessarily mean high.
Total business structure of vehicle insurance divided into two segments: the agents (including brokers) and insurers. Agents request and business services, while insurance companies agree, the question of claims and payment policies. Agents make money in commissions. Companies insurance to make money on the favorable results of underwriting and investment income.
Unlike the perception of truckers, margins Operating profit from insurance companies tend to mirror those of most trucking companies. Where truck drivers have their coefficient operating, insurers have its combined ratio. Both measures quantify the percentage of revenue Operating income. In good years, both industries are generate relationships between 90 and 100%, earning operating profit margins can be up to 10%.
In comparison, the margins of the agents truck insurance more success as high as 20 to 40% in good times and bad: the return of officials consider Nice naked without underwriting risk.
But do not judge too quickly the economy. The Truck Agent done a splendid job of establishing itself as the ultimate provider of value both to the carrier road and the insurance company. Here perception. From the perspective of the insurance company, the truck insurance agent offers an invaluable service in terms production companies and customer service. Therefore, the insurance company feels very justified the payment of commissions in good health, especially in companies generating a combined ratio below 100%. Consequently, the angle of the agent of the trucking company offers an invaluable service in terms his knowledge of the insurance market and its ability to adapt the coverage of a trucking company in the insurance needs with the most capable and more affordable. Why Why blame the man in your life? Also, always be found in the tab for lunch and golf.
But thanks to technological advances, more and more the business of insurance. The Internet is increasingly relegated to the agent the status of the tag along. It intervenes in the exchange between the driver and the insurer. Rather, in an era of instant information, it becomes more and more on the road. Need a quote? Google it. Looking at the statistics of accidents? Sign in in Safersys. Rating curious about any insurance company? Pull up from AM Best. The attraction of these hauls freight company and location its terminals? Check out their website. Concerned about the reason for his loss? E-mail subscriber. Fender Bender? Take a picture of his cell and cause a text message the claims service. It is so more effective than leaving a voice message with an agent.
Just as you no longer need a travel book travel agent, you no longer need an insurance agent to purchase insurance. Interestingly, both truck drivers and truck insurance company seems unwilling to acknowledge this fact. To some extent, the custom plays a role. Historically, most of the contracts between the agent and insurer was that the agent owns the customer list. Thus, insurance companies are generally reluctant to communicate directly with their policyholders. So the truckers are accustomed to deal with unpaid actors.
A simple step toward efficiency that all truckers insist that neither the staff nor the insurer can claim ownership of your account. This change in practice, would pave the way for direct negotiations between the driver and the insurer of trucks and, by extension, paving the way for lower premiums.
Interestingly when it comes to the extraction value, the grandmother who flies once a year, Southwest Airlines led the market more difficult than most CEOs of transport. The grandmother told companies carriers to unload their travel agents long ago. Similarly carriers have said that truck drivers to cut the bacon in 1980. The truckers do not ask the same of their insurers? Do not look for his truck friendly insurance agent to discuss the issue. But the positive side, there's always food and golf.
Ed Campbell, III is the chairman of First Guard Insurance Company a specialty insurer of long haul truckers. The Truck Insurance Extremist is a blog dedicated to Ed’s observations on the insurance and trucking industries. The commentary and opinions expressed here are Ed’s alone and do not represent the views of any companies or organizations.
Southwest Airlines and the Sundance Film Festival
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