Insurance and Risk Management

LuckyTruck raises $2.4M for insurtech, taps industry veteran as CEO

Insurtech company LuckyTruck announced Thursday it has raised a $2.4 million seed extension led by Candid Insurance Investors with participation from Markd, Draper University Ventures and SiriusPoint as the company scales its retail insurance platform that reduces time spent shopping insurance. Since its founding in 2019, LuckyTruck has raised a total of $6.5 million.

While founder and president Devin Bostick is new to the trucking industry, he has dedicated the past three years to consuming...

https://www.freightwaves.com/news/luckytruck-raises-24m-for-insurtech-taps-industry-veteran-as-ceo

LogRock CEO: What is compliance costing you today?

When calculating the return on investment of compliance programs, trucking companies often look at the colossal costs that could be incurred after safety protocol has been violated. These costs include nuclear verdicts, insurance hikes from those violations and other repercussions.

In an interview with FreightWaves, Hunter Yaw, co-founder and CEO of trucking compliance software provider LogRock, explained the importance of the framework that compliance costs are presented to trucking company...

https://www.freightwaves.com/news/logrock-ceo-what-is-compliance-costing-you-today

Parysl doesn’t leave shipment of essential goods to chance

Cargo insurance and risk management solutions provider Parsyl announced it has closed a $25 million series B led by HSCM Ventures with participation from existing investors GLP Capital Partners and Luna and strategic investors Lineage Ventures and Flexport Ventures.

The Denver-based company works with a number of pharmaceutical and perishable food companies to leverage its risk management technology to reduce waste and better track risk throughout the world. 

Parysl co-founder and CEO Ben Hubbard...

https://www.freightwaves.com/news/parysl-doesnt-leave-shipment-of-essential-goods-to-chance

EKA Solutions opens insurance and risk management subsidiary

Freight management system EKA Solutions announced Wednesday it has established RMX Software LLC, a wholly owned subsidiary of the company that will provide a risk management platform for its carriers, brokers and shippers looking to reduce customer losses and insurance costs by leveraging analytics.

EKA Solutions founder and CEO JJ Singh told FreightWaves it was important for the company to provide a risk management platform because while technology is becoming more advanced and trucking...

https://www.freightwaves.com/news/eka-solutions-opens-insurance-and-risk-management-subsidiary

Parsyl tackles massive insurance blind spot for perishable goods

Considering the stress the supply chain has been under this year, conditions are even worse for shippers of perishable goods such as seafood, meat, produce, frozen foods and pharmaceuticals.  The reefer segment makes up 15%-20% of the total contracted truckload demand, so when market volatility occurs, “the reefer market feels it more acutely, since its capacity is more scarce,” said Zach Strickland, director of freight market intelligence at FreightWaves. 

Unlike most dry van cargo,...

https://www.freightwaves.com/news/parsyl-tackles-massive-insurance-blind-spot-for-perishable-goods

Reliance Partners celebrates 6th-straight year on Inc. 5000 list

Reliance Partners, one of the nation’s fastest-growing commercial insurance agencies in the transportation and logistics space, has once again earned a spot on the Inc. 5000 list.

The Chattanooga, Tennessee-based company celebrates its sixth consecutive year on the list of the fastest-growing privately held firms in the U.S., ranking No. 1,559 this year for its 302% three-year growth.

“When you think of an insurance agency, images come to mind of mahogany wood walls and a bunch of people in...

https://www.freightwaves.com/news/reliance-partners-celebrates-6th-straight-year-on-inc-5000-list

HDVI raises $32.5M to mitigate risk, lower insurance premiums

In a 2020 report, the American Transportation Research Institute (ATRI) found that fleets of over 1,000 power units reported insurance costs of 5.3 cents per mile, whereas those with fewer than 26 power units were paying over 15 cents per mile. 

ATRI found that these smaller fleets had lower adoption of active safety systems and a lack of risk management strategies to combat rising insurance costs.

Commercial auto insurance technology provider High Definition Vehicle Insurance (HDVI) Group looks...

https://www.freightwaves.com/news/hdvi-raises-32-5m-to-mitigate-risk-lower-insurance-premiums

Insurance basics: Selecting the right auto liability policy

Near the top of the to-do list for any trucking company is securing basic auto liability coverage before hitting the road. For those without trucking experience, understanding how to get the right insurance can be daunting.

Reliance Partners Chief Sales Officer Brandon Richards reassures new entrants that insurance doesn’t have to be taxing, as long as you partner with the right provider. 

“If you’re a new venture and this is your first time dealing with regulatory insurance, you should...

https://s29755.pcdn.co/news/insurance-basics-selecting-the-right-auto-liability-policy

Idelic raises $20M to expand driver analytics solution

Idelic Inc., a Pittsburgh-based software solutions provider for commercial fleets, has raised $20 million in Series B funding led by Highland Capital Partners and including AXA Venture Partners, Birchmere Ventures, Origin Ventures, TDF Ventures and SaaS Venture Capital. 

Idelic also announced Craig Driscoll of Highland Capital Partners will be joining the company’s board of directors.

“Together we can revolutionize how trucking fleets — and their insurance carriers — think about the risks they...

https://www.freightwaves.com/news/idelic-raises-20m-to-expand-driver-analytics-solution

3PL Summit: Carrier safety and vetting — why there’s no golden rule

This fireside chat recap is from FreightWaves’ 3PL Summit. 

FIRESIDE CHAT TOPIC: Carrier safety and vetting — why there’s no golden rule

DETAILS: Nuclear verdicts have rocked carriers over the past several years. For 3PLs, insurance requirements and vetting carriers is still opaque and the legal ramifications are significant.

SPEAKERS: Chad Eichelberger, president of Reliance Partners, and Emily Chiarizia, general counsel, Armstrong Transport Group

BIO: Eichelberger joined the Reliance team in 2015...

https://s29755.pcdn.co/news/3pl-summit-carrier-safety-and-vetting-why-theres-no-golden-rule

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