"The use of telematic devices in monitoring driving behaviors and enhanced data analytics capabilities are among some of the more positive changes," says independent agent Lydia Ramos. "They allow us to analyze a variety of factors, including traffic patterns and driver behavior, to predict and mitigate risks better."
Lydia Ramos
Account Manager
Denver, Colorado
How did you get started at your agency?
After 14 years in the industry, I found my way to McGriff through a friend. I obtained the Transportation Risk and Insurance Professional (TRIP) designation and was looking for a position that more closely aligned with my expertise and experience. In Denver, our property & casualty team is focused on the mining sector, and I was very excited about the opportunity to use my transportation expertise with such a unique and complex book. After a year in my current position, I'm sure I made the right choice.
Why commercial auto insurance?
I started working in commercial insurance in 2013 for a small agency in Houston that specialized in trucking and c-store operations. I speak Spanish and many of the trucking operators were Spanish-speaking. Learning not only commercial insurance and transportation but also figuring out the trucking lingo and how to explain coverages, policy forms and artificial intelligence (AI) in Spanish made the trucking lane a no-brainer for me. I had invested so much time into transportation and trucking. When I finally decided to get a designation, the TRIP designation just made sense.
Challenges in the commercial auto insurance market?
Ever-evolving technology is one of the biggest changes I've seen. The use of telematic devices in monitoring driving behaviors and enhanced data analytics capabilities are among some of the more positive changes. They allow us to analyze a variety of factors, including traffic patterns and driver behavior, to predict and mitigate risks better.
Another challenge is the rising costs. Economic factors are significant, accident severity has risen, the cost of litigation has gone up in a way that was previously unforeseen, and fraud continues to be a substantial issue.
Future trends?
There seems to be a growing demand for tailored insurance solutions that cater to unique business needs, including short-term policies, on-demand coverage, and sector-specific products. I've even seen talk of usage-based insurance that could give some businesses premiums that are based on miles driven and driving behavior rather than traditional metrics.
I'm also hoping to see some more positive changes in how we address sustainability and green initiatives. There's also a lot of talk about automated driver vehicles and cybersecurity.
Advice for a fellow agent?
Never stop learning! It's so important to take research and education seriously in such an ever-changing industry. Stay up to date with regulatory changes and join a trade association.
Olivia Overman is IA content editor.
