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18 • SEPTEMBER 2023 BUSINESS<br />
Thetrucker.com<br />
MILES<br />
OF OPPORTUNITY<br />
iStock Photo<br />
Cover Whale and Aon’s CoverWallet recently announced a partnership designed to improve access to insurance for<br />
owner-operators and small fleet owners.<br />
Cover Whale, CoverWallet join<br />
forces to streamline insurance<br />
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MORE THAN YOU REALIZE ®<br />
NEW YORK — Having access to reliable insurance<br />
can be vital to the success of an owner-operator<br />
or small fleet owners. In a move<br />
designed to streamline this process. Cover<br />
Whale Insurance Solutions Inc. has joined<br />
forces with Aon’s CoverWallet, a digital insurance<br />
platform for small business owners.<br />
The collaboration “brings together the innovative<br />
capabilities of two leading insurtech<br />
solutions by combining Cover Whale’s trucking<br />
insurance capacity with CoverWallet’s<br />
distribution strengths,” according to a news<br />
release.<br />
As part of this relationship, Cover Whale<br />
offers its telematics and proprietary quoting<br />
and binding technology to CoverWallet’s<br />
independent owner-operator and small fleet<br />
trucking customers, a traditionally underserved<br />
segment of the insurance market.<br />
“As we continue to grow, we are continuously<br />
looking for ways to connect with more<br />
drivers and fleets across the country,” said<br />
Dan Abrahamsen, CEO of Cover Whale. “Our<br />
top priority has always been keeping the roads<br />
safe. This agreement allows us to simplify the<br />
MARKET cont. from Page 15<br />
report notes that retail spending rose by 0.2%<br />
in the second quarter and was 1.5% higher<br />
than it was a year ago. At the same time,<br />
manufacturers’ new orders and inventories<br />
remain in contraction territory as destocking<br />
continues.<br />
Tim Denoyer, vice president and senior<br />
analysts at ACT Research, explained it in a<br />
recent ACT blog post.<br />
“The spot market is continuing to<br />
rebalance with net revocations still at record<br />
rates. Even as the overall market is still on<br />
the loose side, the pendulum has started to<br />
swing,” he said. “The trajectory of spot rates<br />
has changed in the past couple of months, and<br />
we think demand fundamentals are likely to<br />
improve from here as we pass the worst of the<br />
destock. So, more freight market dynamics are<br />
in store down the road.”<br />
The overriding message for truckers is that<br />
things may not improve any time soon — but<br />
insurance process for truckers looking for fast,<br />
customizable coverage that helps them drive<br />
more, earn more, save more, and focus on the<br />
road.”<br />
The CoverWallet platform will extend Cover<br />
Whale’s visibility to thousands of commercial<br />
truck drivers across the country.<br />
As a result, small business owners and<br />
trucking fleet operators will be able to access<br />
tailored insurance policies designed specifically<br />
for the trucking industry, a diverse clientele<br />
with a wide range of insurance needs, all<br />
within one intuitive and streamlined platform.<br />
“We are thrilled to work with Cover Whale<br />
to support independent owner-operator and<br />
small fleet trucking customers with their insurance<br />
needs,” said Jeff Borgman, director of<br />
transportation programs for CoverWallet, an<br />
Aon company.<br />
“This collaboration enhances our offerings<br />
for commercial trucking customers,” he said.<br />
“We look forward to introducing them to innovative<br />
solutions as an additional avenue to<br />
safety, helping them make better-informed<br />
decisions about their insurance coverage.” 8<br />
they shouldn’t get much worse, either. One<br />
publication referred to the current trucking<br />
conditions as, “bouncing along the bottom.”<br />
The Motive release has this advice:<br />
“Efficiency is king.” Noting that the pandemic,<br />
or rather the government’s response to<br />
the pandemic, created “highly favorable<br />
economics for trucking companies.”<br />
Government stimulus checks encouraged<br />
spending, creating higher than normal<br />
demand for products that needed to be hauled<br />
to market. Today, the economy is returning to<br />
something closer to normal. Inventories have<br />
been adjusted to pre-pandemic levels.<br />
Carriers that survive the current period of<br />
lowered freight rates and more competition<br />
for loads will do so because they are able to<br />
operate efficiently and conserve cash. Small<br />
carriers with no business plan and an “operate<br />
as usual” attitude will be swept away by the<br />
tide of tough trucking conditions. 8
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