Insurance for truckers
In the first half of 2019, around 640 trucking companies went bankrupt, according to industry data from Broughton Capital LLC. That’s more than triple the amount of bankruptcies from the same period of the prior year – 175. One of the pain points truckers face is insurance, and two startups are looking to offer a solution.
San Francisco-based CloudTrucks, which raised $6.1 million in a new round of funding, is one of them. Led by Tobenna Arodiogbu, who sold his autonomous driving startup Scotty Labs to DoorDash five months ago, CloudTrucks provides a complete “business in a box” solution for owner-operators and small trucking carriers “at a much lower cost using software engineering, data science and world class operations processes.” The startup looks to put more money in the hands of truck drivers and reduce their headaches by improving three core metrics – revenue, cash-flow and costs such as the “sky-high” costs of “increasing insurance rates” which often run as high as $20,000 a year and managing safety programs.
Another startup looking out for truckers is LuckyTruck. The Ohio-based startup is led by Devin Bostick, a former CoverWallet employee who started the company after seeing many truckers need a better business management solution. LuckyTruck is offering service in the area of insurance by simplifying insurance management and offering a “competitive variety of options” to find the right insurance carrier. The company also looks to provide value when it comes to maintenance, business operations and authority management.
Bottom Line: Going over the top for truckers.