Company Updates
Revolutionizing Transportation Coverage, Futuristic Underwriters Unveils Cutting-Edge Solutions for Commercial Auto Large Fleet Insurance
DALLAS–Futuristic Underwriters LLC, a managing general agent (MGA) with a tech-enabled approach to insurance, announces today the public launch of its transportation division, dedicated to reducing risk and improving the insurance experience for commercial fleets.
For both fleets and insurers in the trucking industry, it has become increasingly challenging to maintain profitability as a result of the rising costs associated with accidents, litigation, nuclear verdicts among other factors. Over the past 12 years, the U.S. commercial auto insurance sector has consistently yielded a net combined ratio exceeding 100%, as a result of the rising risks in the industry.
Futuristic Underwriters’ mission is to help insurers and insureds alike address these risks by leveraging the power of technology. Concurrently with this launch, Futuristic Underwriters is offering auto liability, auto physical damage, motor truck cargo, and general liability coverage. They are now accepting submissions and can quote and bind for large fleets using telematics systems.
“Securing competitive insurance rates for fleets while ensuring sustained profitability for insurers has been an ongoing challenge in the industry,” said Futuristic Underwriters’ Senior Vice President, Michael Gramm. “We see the sector turning to data analytics to enhance risk assessment and mitigation. At Futuristic, our overarching objective is to adopt a data-driven underwriting approach and leverage technology to enhance the overall insurance experience for all stakeholders.”
The Futuristic team is comprised of seasoned underwriters with significant fleet transportation insurance experience and a leadership team with an extensive technology background. This combined expertise has enabled Futuristic Underwriters to develop solutions that take a cutting-edge approach to addressing risk. Leveraging fleet telematics data alongside other predictive data points, Futuristic Underwriters will help safe fleets obtain fair rates based on their driver safety behavior. In addition to this innovative underwriting strategy, their next-generation technology, including Artificial Intelligence, will help improve the overall insurance experience with an efficient distribution platform, proactive claims handling, and most importantly, tools to improve driver safety.
About Futuristic Underwriters
Futuristic Underwriters strives to deliver cutting-edge insurance solutions that reduce risk and improve the insurance experience for agents, insurers, policyholders and claimants within the commercial property & casualty sector. The Futuristic team is comprised of seasoned underwriters and claims experts with specialty insurance experience alongside extensive insurtech expertise within the leadership team. Representing both affiliated and third-party insurance companies, Futuristic will continue to unveil a comprehensive range of specialized insurance products throughout 2023 and 2024. Stay up-to-date on Futuristic Underwriters’ latest products here.