LuckyTruck, a tech-enabled retail agent focused on trucking, has collaborated with Great American Insurance Group (GAIG) to launch a fully digital motor truck cargo (MTC) product.
Over the last decade, the commercial insurance industry, especially trucking insurance, has been slow to adopt digital products, according to the company. Historically, getting motor truck cargo coverage took a trucker between one to three days. Together, LuckyTruck and Great American Insurance Group will enable truckers to obtain a quote, purchase, and bind a policy in about 10 minutes.
Great American's MTC product is digital, eliminating long question applications, back-and-forth phone calls, multiple emails, and manual payment processing. Powered by Ascend's modern payment platform, LuckyTruck allows customers purchasing the GAIG MTC product to pay-in-full or enroll in premium financing instantaneously. After payment, the policy is bound in a matter of microseconds. Instead of sitting on the side of the road waiting days for coverage, truckers can hit the open road in just a few minutes with the coverage they need.
"Truckers are often on the road during their insurance agent's typical business hours, and in the fast-paced world of trucking every minute counts," said Travis Murphy, assistant vice president of business development, Great American Property & Inland Marine. "We saw an opportunity to connect with our insureds differently, in a way that better meets their needs. Our digital (MTC) product is smart, fast, easy-to-use, and accessible around the clock via the LuckyTruck platform."