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Revolutionizing heavy-duty assets with data-driven risk management in Equipment Finance.

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TLDR: Equipment finance professionals are looking to utilize data analytics-driven risk management to support companies with transportation fleets. This approach can help address driver shortages through a safety-centric approach and can aid in driver recruitment and retention. Implementing telematics and advanced safety technologies can also help mitigate safety risks and the financial challenges associated with transportation fleets. Furthermore, equipment finance professionals can upgrade aging heavy-duty trucks with advanced safety features to secure a competitive advantage and reduce accident-related costs.

Equipment finance professionals are increasingly turning to data analytics-driven risk management to support companies with transportation fleets. This approach can help address driver shortages through a safety-centric approach and can aid in driver recruitment and retention. The job of operating heavy-duty trucks is physically demanding and high-risk, so it is important to foster a driver-centric culture and utilize telematics and advanced safety technologies to mitigate safety risks. Implementing these technologies can also help equipment finance professionals to address increased commercial auto liability premiums and reduce accident-related costs. In recent years, private fleets have reported an increasing number of DOT Recordable Accidents, and it is essential for these fleets to adopt advanced safety technologies, such as forward-facing event-recording cameras, to enhance visibility, tracking, and analytics. These technologies also provide the information necessary for private fleets to challenge accidents on their record that were not their fault. Equipment finance professionals understand that effective risk management and safety programs start with the pre-hire process and extend to post-hire monitoring of driver behavior. Leveraging technology, businesses can utilize an effective scoring system to score drivers based on factors such as telematics, cameras, violations, collision history, and maintenance events. This event-based scoring system enhances overall risk profiling. Upgrading aging heavy-duty trucks with advanced safety features can help equipment finance professionals secure a competitive advantage for their portfolio of fleets and reduce accident-related costs. Advanced safety features such as collision mitigation systems, lane departure warnings, and automatic emergency braking contribute to a substantial reduction in accident-related costs and increase the likelihood of a lower insurance premium. In the last decade, truck insurance premiums have witnessed a consistent rise, and upgrading trucks equipped with advanced safety features positions organizations as leaders prioritizing safety and risk management through technological advancements.

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