As the global economy continues to grapple with inflation, fleet companies are feeling the impact on their bottom line. Many fleet managers are asking how to reduce fleet costs in today’s environment. Inflation affects fleet companies in a variety of ways, from increasing fuel and maintenance costs to raising insurance premiums. It is crucial for fleet companies to implement effective cost management strategies to maintain profitability and remain competitive in today's market.
In recent years, insurers have begun tapping into technology to better understand broad risk profiles of the trucking industry as well as risk associated with their insured fleets. For fleets, insurtech now can lead to reductions in insurance costs.
It may not be possible to identify every hidden cost or reduce every soft cost, but being aware of the sources of these costs can help fleets make measurable progress.
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