When truck drivers or company fleet managers looking to purchase insurance, accidents are only one of the factors used in generating a carrier’s risk profile. Digital data collections, on the part of the Central Analysis Bureau, have made it easier for insurance companies to get a complete look at the liabilities of taking on a new client or trucker.
The Invisible Watchdog
Though compiled by a highly invisible company, data that includes DOT inspections or violations is used to generate CAB reports. The report becomes a point of reference for potential insurance companies, though CAB itself offers many more services. Financial analysis tools, chameleon detection, monitoring services, business intelligence solutions, and vehicle tracking services all make it easier for insurance professionals to evaluate incoming or current clients.
The Guardians of the Road
Though insurance is intended to protect the trucking company or the driver involved in an incident, the insurance company doesn’t want to assume the risk with a client that has a terrible history. CAB alerts carriers when a red flag is raised in one of the BASIC safety measurement categories, and carriers often refuse to insure a client where two or three flags on the record exist.
CAB reports have become an invaluable tool for insurance companies during the coverage application process. The reports have also encouraged drivers to be more mindful on the road since their actions follow them from job to job.