You're listening to the Bolt Floats Podcast.Your number one resource for everything Bolt Freight Trucking.
Hey guys, Jared Flynn with the Bulk Loads podcast.Got Larry in today with me.Yes, sir.And we're going to get right to that topic on insurance.
But as we always start off every podcast with Truck Feature, this week we have Brian Sanders with Flint Hills Freight Lines out of Lawrence, Kansas.Do you guys write these guys?I think we do.Oh, very cool.One of ours.
Helping yeah, so this is just picture him helping local farmer, and oh yeah actually in the comments here Yeah, he is using bulk insurance love to see if they just put all that together love to see it awesome Yeah, he's also on smart freight and a bulk loads members, so thank you Brian for sending this picture in if you would like your truck featured as we do every week and
Just send a picture to any of our social media sites.You can send it to podcast at bulk loads dot com.Anyway, you can get it to us.We would love to put that in the drawing.I think we still have some options open on our calendar, too.
So make sure you get some cool truck pictures, especially holiday ones.Get them to us pretty quick and we will vet those to see if we can get them on our two thousand twenty five.
hundreds of pictures in so far.
So it's been fun watching.I feel bad.
I was like, can we just do a little thumbnails, like each one for each month?
Yeah.I don't know how that's a tall task for Tyler to pick those out.Cause there's some really good ones in there.Maybe we do a thumbnail of all of them that make one bigger picture of the truck.
That'd be kind of be sentimental. Yeah.So, well, speaking of Kansas, I just got back from Kansas this week and a great trip out there.I love these visits.
And, uh, actually this morning I was talking to my twin brother and I think just as we get older, like, man, I just love driving this time of year.Just seeing the countryside, seeing tractors and kind of lines out in the field and a good weather.
But yeah, I actually went all the way out to, Phillipsburg Kansas and then kind of snake back around Fred was with me, but I want to have Garrett throw up a couple shots But first visit I visited Adam Bowen Cole.Yeah, Adam.
I've known for almost and it's getting close 18 years he was a hauler for mine at bulk or excuse me at Bartlett grain and It was at a time where they were moving a lot of wheat from that north-central kids area into Kansas City, but developed a great relationship with him.
It was your first time meeting in person.Yeah First time after all these years.Yeah, we write his insurance as well And that was part of the visit to go up there and meet him But I knew Fred was going that direction.
I said man, I'm gonna jump in there and meet Adam but yeah, there's here's just a couple pictures of Adam, but just a phenomenal guy and one thing I'll say about Adam before I move on to this next photo is Adam is
In our years working together like we always just had a great relationship and I think the advice I would give like Adam With any time we were talking about rates.It was always there was never like this
you know, if he didn't like the rate, he would kind of say, Hey, that's not going to work.But there wasn't like this evil battle like this, Hey, you're taking advantage of me.
And I never tried to begin with, but I just always remember like, we always had just this good relationship.And it was just something I learned like, man, you don't, when you're negotiating rates, it doesn't have to be this heated, awkward,
more mutual respect.Yeah.You know, zero sum, you know, one person wins, other person loses.And Adam had just, we always, and he's always done that.Um, and the way he's conducted his business.And so hats off, love that visit with Adam.
And then on the way back, this other one, Kelly Wilson, many of y'all probably know Wilson bulk freight, but got to see him.I've seen this guy, he joined back in 2011 and I was with Kelly when he had three trucks.Now he's up to like 42 trucks.
I think he said I think they'll be at 50 by the end of this year if they get this other contract good for him But he's wearing the hat today.
Yeah, you got the Wilson book, but he's been on the Podcast also has been our conference the past couple years So I stopped in and visited with him and I'm hoping to do a little story because I think he's got some sound advice on
what he's done to grow and to help our industry users.So yeah, always out there.Man, if you, one thing we do, we've done these videos for a while, but we have been going out featuring people.
If you would like to be featured or would like for us to come out and feature your truck, we've actually had some companies, and we say this again, Mike Cordy up here, they have gained new drivers because of that video.People are on social media.
That's where they consume content.And we want to be out there showing our content, but your content and If you want us to feature you, give us, uh, actually reach out to us at podcast at bulk loads.com.
And, um, we will see if we can come out there and feature you.There's no cost.People always ask that no cost.We do that because we get to cross market.We use it for advertising for us, but then it's also advertising for you.
And it's just a great way to get yourself out there and more present for more people, especially if you want to get more business, more drivers, better relationships with shippers and so forth.
Yeah.And they're fun. That's the other thing.
It's super fun.Well, now to the fun stuff.
We're going to talk insurance.Yeah, super fun.
Today, we're going to bring on Alex.Actually, what's Alex's last name? Petrovich I believe Petrovich and Chris Orn's there with 10 for insurance.Yep And this is actually a relatively new market yet.
We actually how long we've been so we started Chris and I met You know, it's so funny now.It's like the way we met is I reached out to Chris on LinkedIn.Oh I was like, who's 10 four?I'm seeing some stuff out there.
It sounds like, I mean, it's 10 four, right?I know it's truck insurance.It's not a mystery of what they insure.So I reached out to Chris and we kind of started a conversation and got to know him.
And then he actually met me up in smart freight, um, at the office.Uh, cause 10 four is based in cater lakes, Iowa.Um, so not too far away.Um, but yeah, cool.Super it's, it's a new,
It's a new opportunity for trucking companies to have access to some insurance products that haven't been on the market long.So it's kind of fun.It's unique.It's a little different.
And they they are causing some waves in the insurance marketplace, big time waves.
And I think and we'll talk more about this after you all listen to this, but they are really out there trying to grow a presence and actually creates a better opportunity for trucking companies out there.You know, you don't
You all listen to this don't know that premiums are going up But when you got a company like this a new company that's trying to get out there and get market share Usually you can get more affordable.
Yeah, absolutely We call it buying the business We see it where a new market comes in and they need they need to get the premium on the books and so they're willing to negotiate a little bit better and
The ease of use with them has been awesome for bulk insurance group.We've done a ton of business with them early on.And I think the key, and we get into this in the podcast, the key is to not be scared of something that's unique.
And if for the truckers out there that aren't scared of something that maybe is a little untraditional in the insurance marketplace, this could be a really unique option for them.And it could be the most affordable option.
And that's fun to save people money and keep people profitable and making more money.
And I don't know about these other big insurance carriers, but I love that this company was created by a trucking company and still a trucking company that has ownership in it.They run 3000 trucks and we'll talk about that on this podcast.
But yeah, this is, I think that just makes it even that more attractive to me.Like this is actually built for truckers by truckers.
No, you're exactly right.I think that just adds to the layer, um, of, of the uniqueness of what they're doing, but it's not like they just came in and decided they're a bunch of business guys and, Hey, we're going to make money off truckers.
No, they're, they're a trucking company that saw the need for some insurance and are able to combine all of their services into one kind of vertically integrate, um, and actually resell that insurance product.And so it's fun.It's been cool to watch.
Well, you want to stay tuned on this one.So without further ado, here is my conversation with Chris Lawrence and Alex Petrovich of 10 for insurance.Chris and Alex, thanks for joining us.
Absolutely.Happy to be here.
You're just telling us.So you guys are in Carter Lake, Iowa.I've never even heard of that.
Yeah, not a lot of people have.It's a weird place in the Midwest that happens to be surrounded by Nebraska.Years back, the river moved, so it's this little city inside of Iowa that's surrounded by Nebraska.
And so it's not big, but it is Iowa, and it is surrounded by Nebraska.So we've got a lot of employees that that live in Omaha, Nebraska.We've got some that live on the Iowa side because we're right up against the Missouri River.
Yeah, we usually just claim Omaha to avoid having to explain it too much.
Well, I was gonna say, I've been in logistics most of my career and like, I almost like, I always kind of quiz people, like, tell me where you're from.They're like, oh, I'm from so and so this area.I'm like, well, give me the city.
And usually I don't get stumped, but I, that's a first.So now I know where Carter Lake, Iowa is, but Hey, thanks for joining us.You guys are with a 10 for insurance and we wanted to bring on the show.
Yeah, it's been exciting this year to really grow with your company and really have a new solution for our trucking members, especially as it pertains to insurance.
So really wanted to bring you on and just to let our audience know more about you and really kind of go through kind of what makes you all different.But talk about the 10-4 story from the beginning.Like, why did you guys even start?
How did this, how did this start from the beginning?
sure yeah um so 10-4 truck insurance uh has been around since 1992 and uh 10-4 today is a lot different than what 10-4 looked like in 1992 in fact the the name was different
You know, the prior name was technically Specialty Transportation Core Insurance Company.Doesn't quite roll off the tongue like 10-4 truck insurance.So, yeah, we've been around 32 years.
But for the past four and a half, five years, you know, we've really been focused on providing insurance as a one-stop shop to owner operators and small fleets.
So, always been insurance related, you know, we've got a, we've got a number of sizable fleets as customers today, but the core focus for us is on what tends to be the more underserved side of the trucking industry from an insurance perspective.
And that's, that's the owner ops or ICs and dependent contractors out there and smaller fleets. So we were working with our customers on a direct basis since 2020.
And halfway through 2024, we saw the need and opportunity to work with insurance agencies and brokers that know and understand trucking.So we've got an exclusive partner set.
And it's been going great ever since we launched with the agency distribution side.So main lines of coverage that we offer auto liability, cargo, trailer interchange, physical damage, and general liability as well.
And then we're kicking around potentially offering occupational accident at some point in the future.
Okay.Well, let's talk about, you know, since we've been, um, introduced to y'all, we've landed a considerable amount of business.It's just been awesome to have another opportunity for our carriers in this market.
But I guess, Larry, I want to kind of give this over to you, but talk about like what's been happening with insurance and how is this almost presented to be a really good opportunity for us to serve our clients?
Yeah, for sure.No, that's, that's good.Um, Couple things in the insurance market, and Chris and Alex can speak to this as well, but the insurance market for truckers, it's a hard market.It's been hard forever.
Since I've been in it, it seems like it's always been hard.So the last eight years that I've been doing truck insurance, we've seen a couple of things.The first is lots of rate increases.
So there's all these standard insurance trucking companies that are in the marketplace today.A lot of them that have been around a long time.
The problem with those markets is that there's no new capacity coming in to the insurance trucking landscape as a whole.There's a few here and there, but not a lot.Actually, more have been exiting, right?Exit, yeah.
I remember last year, was it Nationwide?That was another one.Yep.Nationwide AG exited the truck space.And that's not been unique over the last seven, eight years.
We've seen a lot of companies get into truck insurance, they wanna ride a lot of premium, and then they're back out.
And so what's been nice about our partnership with 10-4 is it's really the first time that we've seen real new access to capacity in the truck space.And I think it's really unique what they have going on.
And we can kind of talk, if Alex would dive a little bit more into the partnership and how it was created with 10 Roads, that'd be awesome.But I think that the main thing here is you guys got a really unique product.
Now we're trying to as a partner of the 10-4 community, we're trying to figure out how do we distribute this product?
How do we get people to understand what the product is and why it's important and how it's actually giving trucking companies more access to better quotes that are keeping people in business and making more money.
Well, if I can address the white elephant in the room, you guys are a risk retention group, if I'm saying that right.And how is that different than a traditional insurance carrier?
Sure.Yeah, that's a question we get all the time, right?And an RRG, or a risk retention group, is different than a traditional carrier.I'll get to that in one quick second.I want to back up one piece I missed on talking through our stories.
10-4 truck insurance was really created by and for trucking companies.So I think there's a lot of insurance companies out there and they do a good job at the stuff that they do.
But the piece that we bring to the table that's a little bit different is the actual trucking expertise from people that have been in and around trucks in a variety of different roles.
So we've got another trucking company that's in our family of companies.It's got over 3,000 trucks on the road.There's a large leasing company that's also in our family of companies that has locations throughout the United States.
And then we look for our employees is really some sort of background or connection to trucking.
I think a passion for trucking is important to us and understanding of what truck drivers go through on a daily basis and how life for a truck driver is much different than most people that may go into it. 9 to 5 job every single day is important.
And in the blend of that trucking expertise, and, you know, kind of being built by and for trucking companies is what sets us apart a little bit.So.Back to the RG topic, you know, an RG is is different than a traditional insurer.
You know, you hear the terms admitted and not admitted quite a bit in the insurance space.This is getting into the weeds, but these may be things that, you know, you hear your agent or you hear others in the industry talk about.
An admitted carrier is a term that's used, meaning that an insurance company is licensed in a state and they participate in the state guarantee fund.So, in the event of insolvency, I think everybody hopes it doesn't happen, but it is a reality.
Although it doesn't happen often, a state puts aside a guarantee fund to essentially provide some offset to pay out claims in the event of an insurance company going insolvent.
An RG doesn't participate or have access to a state guarantee fund, so that's a big difference. You know, the way we talk about our structure being different is it gives us some additional flexibility.
You know, to to do things from a from an operation standpoint, respond to market needs quickly.We are we are still regulated. Much like any insurance organization by a variety of different entities.
10 for truck insurance is domiciled in the state of Vermont.The insurance department in Vermont has what they refer to as the gold standard.So a lot of and captive structures are domiciled in Vermont because they.
They do an excellent job from a regulatory standpoint of making sure that things like surplus and liquidity are where they need to be.So we're regulated by the state of Vermont.
And then the NAIC is a governing body in each of the states in which insurers transact and do business.So you've got an insurance commissioner in every state.
You know, we've got to we've got to abide by the rules and regulations for each of the states that we operate in.And we certainly do that.So we.
were heavily regulated, a little bit of a different structure, but I think, you know, there may be some market misconceptions out there about ROGs in general.
And while, you know, there's a phrase, if you've seen one risk retention group, you've seen one risk retention group, is true.As a whole, typically ROGs are formed to solve an insurance need in a specific industry.
and they're common in the healthcare space.See some medical malpractice, ROGs that are out there to help, you know, different professional services.You see them in a variety of other industries, but trucking, they become more common.
Because I think by the nature of the hard market and maybe traditional insurance becoming more and more expensive, because these traditional insurers do a lot of different things and they're trying to spread risk across their overall policyholder base, which is no different than we operate as well, the approach may be different.
So having an RRG focus on an industry specifically, I think adds adds a layer of expertise you may not see sometimes in a traditional insurance.So their barges are becoming more and more common.
I would say, back to the comment around, if you've seen one RRG, you've seen one RRG, it's important to understand the history, the expertise level, the financial stability of that risk retention group, the amount of time that it's been around.
While certainly there's some that have been started recently that do a phenomenal job, I think us having been around for 32 years speaks volumes about our own stability.
It is one of those things where there may have been one or two that struggled in the past.And I'd recommend whoever's looking at an RRG as an insurance option to do some additional research.
And you'll find that the things about those organizations may be issues completely removed from the insurance component itself.
Well, one real example that we had recently, there was one of our clients doing quotes for him, and actually he's a good friend of mine.And I know that you all were, it was almost $20,000 cheaper or less on their premium than the next one.
He still declined.It still went with the, I think the existing market that he had.And I could be wrong with that.And I reached out to him.
I was like, I'm not going to say his name, but Hey, why, why didn't you like, you're always telling me how to like, You know, insurance is way too expensive.My costs are so high.
I'm going to go out of business if I can't get better, you know, better deals or costs.We presented one that was almost 20,000 cheaper.He didn't take it.Why not?And he's like, I didn't feel comfortable with it.I mean, that's what his reply was.
He didn't feel comfortable.I was like, so I guess for that, and I guess a couple of things I always hear, you know, you know, number one is not financially being backed is one.
And then the other thing I hear is, well, shippers won't allow me to haul form if I'm with the risk retention.Can you speak specifically on those two?
Yeah, sure.Yeah, I think, you know, I'll go back to the, we've been around for 32 years.So, you know, take a, take a peek at, you know, the experience level that an individual RRG has.
And I think there's some credibility that's there just showing the fact that we've, we've been through a number of different market cycles from a trucking perspective.
And, you know, I, I think it's 1 of those things where maybe the unknown is part of it.So, being able to understand and realize that the policy forms that we use are largely ISO based.
So they're the same types of policy documents you'd see from most traditional insurers, and that should give comfort as well.You know, there are certain companies out there that may develop very manuscript language, and that's fine.
It serves a purpose, but that's not how we operate.And the second question, you know, around the shippers and the brokers piece, I think the
One of the common things that's come up more and more, especially as technology has gotten better, is asking for a rating of some sort.
These rating agencies that provide comfort to the broader market, whether it be a shipper or a broker, a logistics broker or some other entity, giving them comfort that the company's financials are in good standing.
And while I think that's important, we've been around for a while, we're dedicated to trucking, but we realize that's a need and we're actually going through the rating process ourselves.
So, it's 1 of those things that we're looking to solve that problem because it should give some additional comfort to know that there's a rating agency that's
you know, independently looked at us as an organization and said, yeah, they're meeting the standards that they have to.I'll go back again to the state of Vermont and the other insurance regulators out there, though.
We can't just operate fly-by-night as a company.We've got to meet, you know, certain reserve surplus liquidity ratios and make sure that we're in an excellent financial position to continue from this point on.
Yeah, and a lot of that has to do with comfort level, too, you know, just not understanding what you don't know.
And so, you know, on our side, it's my job, our job to give you guys the tools to educate your clients to where they do understand both what an ROG is, what it looks like traditionally, but also how we differentiate ourselves from the pack.
There's a number of ways we do it, obviously, but, you know, it's our job to give you guys the tools to do that, too.So that's something we always work on as we strengthen our partnership.
run into these conversations, make sure the producers know how to sell back against the counter-argument of the RRG, especially in our case.
Well, I think, and correct me if I'm wrong, like some of these that we've onboarded with you all, if there's been an issue with a shipper maybe not accepting it, you all have reached out to them directly to show them proof or documents that, hey, we're just as sound as any other, whoever, you know, other insurance companies, right?
Yeah, we've got the and we're happy to do that.We've got the ability to be able to show our financial strength, share with them some more information about us as an organization and some of the trucking expertise that lives in these walls.
And we're usually able to get them comfortable.I think sometimes there's a very small list that we keep of folks that just require that rating just because they just do. And that's part of the reason why we're going through that rating process.
But I would say 75% of the time we're able to get whoever needs to be comfortable.And if there's going to be an issue, then we're happy to advise you to go a different path.
But for those that do end up working with 10-4 truck insurance, I think they find the process is easy, the claims experience, you know, knock on wood, should you have one is excellent.
You know, we, again, having the expertise on the trucking side, knowing that those trucks are the heartbeat of their organization, getting it fixed right for the right price and getting it back on the road as soon as possible is paramount.
and us understanding how that process works, parts and labor rates in different parts of the country, how to work with a towing company that's maybe being a little bit difficult, how to come to the best resolution, should there be a third-party liability claim, getting those types of things taken care of quickly.
Those are all the reasons why we feel like we're different and we're taking a look.
Yeah, context tends to provide a lot of comfort in this situation when you're talking to someone who's a little bit on the fence, you know, the way we were built, the way we were structured and designed was for trucking, like, specifically for trucking.
And so we understand the general concerns they have, especially if they've been, you know, if they've been poisoned by a bad experience.
But you know, we're coming through with a little bit of a different story, quite a bit of a different story, honestly.
And it is something that is, I would say, truly unique to even the RRG space, but especially the insurance space, especially in the hard market.
Hey guys, Jared Flynn here.Many of you all may know, may not know, but we started Bulk Insurance Group two years ago, and man, it has been growing phenomenally.But I don't want to talk about that.I want to talk more about why we started it.
We started Bulk Insurance Group to create an insurance agency insurance company specifically for bulk carriers.There's no other companies out there that focus on bulk carriers.
I had this idea years ago that, man, we have a group of carriers different than out there.But the problem is insurance companies, they want bulk carriers with general freight, with band freight, with reefer freight, and flatbed freight.
And we know that bulk carriers are different and insurance should be provided differently to them.So that's why bulk insurance group was created.So I know right now insurance is going up, premium is going up.
We would love the opportunity to look at your quote and see if we can help you out with that.We know people are sticker shocked at renewal time.Man, give us a chance to look it over.I know insurance can be a pain to switch over.
Man, let us just see if there's something we can do, if there's savings that can be made, or maybe policies, or different coverages that you don't have, or maybe you have and you don't need.
So man, reach out to one of our representatives at Bulk Insurance Group.You can go to Bulk Loads, there's an insurance tab.We'll put the links in the notes here below.Thank you and God bless.
Larry, you were saying, we were talking earlier in prep to this, but I mean, there's certain markets, and we have clients over 7,000 all over the United States, even up in Canada, but there's some of these regions, there's really no other options for these guys.
Yeah, we've seen a lot of insurance carriers in the traditional insurance space pull out of specific geographic markets. primarily in the Southeast.
And so you're seeing a lot more risk retention groups posted on filings through the DOT in those states.So yeah, it's not a new phenomenon.
But I think that the risk retention, specifically Texas, Louisiana, Alabama, it's becoming more and more common as more and more insurance companies pull out
And that's something that we really look forward to working with 10-4 on, is making sure that we have an option for our carriers.Because right now, we're seeing carriers call in, motor carriers, and they're saying, hey, my renewal came back.
It's tripled the price.I've got two trucks.This is it for me, unless you guys pull through with something.
And so our goal for those guys is to bring a unique option that's affordable, that keeps the wheels turning and actually helps them create money and revenue for their companies.And so that's really exciting.
What would you guys... Chris and Alex, what would you guys say are some of your key selling points when we're out there talking to motor carriers?Maybe they haven't heard of you.
Maybe you don't have the branding of a traditional truck-specific insurance company that's out there. What would you guys say is you're really this is why you should go with Tim for this is who we are.
And this is the service level we're going to provide.
Yeah, I mean, there's there's a there's a lot to touch on there, honestly, and we'll keep it to the cliffs notes a little bit.But, you know, our story, that's why I say context is so important to the situation, right?
I mean, being built for by trucking companies, we jokingly kind of say we're a trucking company that just happens to do insurance. Right.And I think that's that's strong there, but the insurance piece is equally as strong.
And so when you have that unique combination of knowledge bases, we truly understand the needs of the trucking market.So, the service side is really strong.As one of the sales leaders here, I go out and I talk a big game, right?And it's.
You probably hear a lot from a lot of people when they say big things about their company, and then you have a different experience when you work with them.Larry, I know you can speak from experience and working with us, we do back it up, right?
So, I say a lot of times, I'm like, we're not a talk about it company, we're a be about a company and do a company.
where we want to get things in motion, catch some fire with you guys and give you guys the experience so you can have the confidence to work with your insurance with us.
But that deep knowledge base, the experience in the industry are just two of the really big things.But because of our structure, we are able to get pretty aggressive on pricing.
Right because we have a very strong cost containment philosophy here as well through our group of companies through our knowledge base.We understand how to handle claims and we're not everything to everybody.We are trucking.
And so what happens in the general marketplace is with a lot of the carriers that are out there riding trucking, they also run a lot of other things, right?
And so when you do that, that's why you see these rates continue to increase because they're writing, they're writing really bad risks.They're not, they don't have high level of integrity in their underwriting.
Um, they don't understand the cost containment piece.And so what ends up happening is these really good, clean insurers or insurance with a story about getting cleaner and taking on a lot of the water for the bad risks that sit on those books.
Um, and then you guys end up having to have really tough conversations with your insurance when they're a flawless account. But they're taking 10% for the 3rd year in a row and the industry as a whole.It's kind of just kind of come together.
It seems to say, okay, what are you going to do about it?And that's what we kind of come in and then the entrance to the marketplace in this way with us. has been a really good opportunity to kind of do things, I think, the right way.
The bar tends to be meddling towards the bottom and where it should be.And I would say, you know, with what we're doing, we're coming in quite a bit higher than where it's sitting.
Just trying to do things the way they should be done, reward good risks with good pricing, kind of straighten the market back out a little bit, at least for what we can control.So anything to add to that?
Yeah, to echo some of the stuff Chris said, I mean, we're a little old school in our approach.You know, I think there's a lot of insurance companies that are starting to use technology as the decision maker.
For us, technology is important, but it's a supplement to the decision making process.You know, we look at every single company driver that we work with on their own.The narrative and the conversation matter.
It's not just numbers on a page that you get from different public information sources or whatever other sources you may be getting info from.That certainly helps paint part of the picture.
But at the end of the day, this is a people business and we're dealing with other people.And these are people that that care about the company that they work for, the company that they run, and they've got pride in what they do.
And I think we want to be the best insurance option for the best drivers.So when Chris mentions the discipline underwriting, 98% of our customers have never had a rate increase.
So if you bought insurance from us in 2020, chances are you're paying the same thing in 2024.And to be able to look at insurance as more of a fixed cost, instead of a variable cost is a huge win.
But I think it speaks to the way that we handle claims, the way that we underwrite, the way that we interact with our customers.
You know, we don't want to, insurance is typically looked at as the last thing anybody wants to think about or deal with until you have a claim.And for us, we look at it as a partnership.We're partners with our insurance agencies, with our customers.
You know, if they win, we win. And we want to know how you hire drivers, how you talk about safety.
If a bad accident happens, which we're in trucking, you got trucks moving a lot of miles on a yearly basis, what are you going to do to prevent that accident or that scenario from happening again?
And so those are a lot of the things that maybe don't jump off the page that you know, that others may be looking at.
And so I think for us, we're a little bit old school, but you get all the benefits of having new technological advancements while also having the ability to truly work with just people that know and understand trucking and insurance.
And at the end of the day, I think our people are what differentiate us from everybody else.
Yeah, I'll go back to context again.I know I sound repetitive, but it's such a powerful tool, especially when it comes to underwriting, right?
And you know, a lot of carriers that if they see any growth whatsoever, they recoil and hit the cancellation button without a conversation. And we love seeing those accounts at our desk because we ask the questions of why are they growing?
How are they growing?That's just one example of some of that human element of underwriting where the context really, really chimes in and paints a different picture than it just even just looks on paper.
There's a lot of boxes that a lot of people check. that if you dig a little deeper, you find out the real story and it actually ends up being a really nice piece of business.It's just no one was there to listen to them, right?
So they ended up getting punished.But what ends up happening is they come over to 10-4 and have a better experience.So, you know, win, win, win.
Yeah, that's good.I kind of think of this past year, I switched my personal lines to an agency in town, but I was with a well-known company.They're on TV all the time, but
went with a friend of mine who runs an agency, let him quote it and it was almost $3,000 cheaper than, but I was like, how's this?
And he actually placed it with kind of a, if I remember right, it was a newer company or not a newer company, but they had this program.But I was like,
as long as it's good, as long as I'm protected, like I don't care, but like, I mean, that's a big chunk of change on my personal lines.
And so we went there and I mean, knock on wood, we haven't had a claim, but, um, I kind of see this as a little bit of the same.
It's like, it's a kind of a newer program or, I mean, you guys have been around, but this is a program that's kind of hitting an area that needs, you know, needs better pricing.And I'll, I'll speak for this, talk about kind of that
I know you quote all different sizes and all that, but talk about the heart of that sweet spot of who you all are really looking for.
You know us, we deal with a lot of bulk haulers, a lot of grain haulers, hopper bottoms, these guys from, we got the ones, two truck operators up to 20 plus, some even more than that.
But we really deal with the good old boy, agriculture, farmer type trucking companies.
Sure, yeah, you know, I think there's a again to talk about what may be on a page versus what happens in a conversation and I'll just use a specific example.I think, you know, driver experience.
Is is 1 of these black and white criteria that a lot of insurance companies use how many years experience class a CDL does the driver have.
And in the ag community, you've got a lot of folks that may have been driving a tractor from the time they were 10, or driving a farm truck from the time they were 16 or older, or whatever that looks like.
So while it doesn't specifically translate, it does play in, in terms of how we look at the overall account and pricing.There's a ton of factors that come into play, but I think specific to the ag industry,
There's just some old school ways about how things are still done in that world more than other areas.And now more than any time, I think the people element of how we operate and what we do makes a significant difference.
Yeah. talk about again, just, I just want to, I'm going to beat this to poke, but like talk about the trust factor.
Cause if someone's listening to this, maybe not now, but next couple of months or renewals coming in, they see that thing again, like Larry said, it could be triple the price or double, you know, one truck now.And I'm just throwing a number out here.
He was paying 10, 12,000 a year.And now all of a sudden there's renewals in at 22,000 and he's hearing this podcast and it's like, man, can these guys help me? in my situation?
Yeah.I mean, there's, there's a, there's a fear of the unknown, you know what I mean?And, and I think the rest of the industry kind of relies on that to retain business that's arbitrarily priced or increased in pricing.
And because there are people who come and go in the industry, you know, we're in, we're, we're a name that, that isn't too broadly known yet. It's by design, however, we only work with select agencies who really understand the space.
So, we do have a unique offering to give our agency partners, but that fear of the unknown is something that a lot of people sell against.You've never heard of them. It's the market.I mean, the market's a really tough spot.
So our challenge is earning that trust through the story, right?So we do rely on that story pretty heavily because it makes a lot of sense to kind of make people comfortable with what would otherwise be an unknown element in 10-4 drug insurance.
But that's a big challenge for sure.
I think a big thing for us is, you know, The trucking industry is very much word of mouth, right?I keep coming back to the people element of this whole thing, but I think it's to talk about the trust factor.There's no better person.
We're going to sit here and tell you why we think we're good and the things that we do better, right?I mean, it's having pride in what you do and where you work and that sort of thing.
But I think the best people to talk to about 10-4 truck insurance are our current customers.
So I would recommend, you know, if you have other insureds that have made the move, whether they've had a claim or not had a claim, they've experienced the process or working with some of the folks at our organization, you know, I would recommend talking to those customers.
And and we've got customers that have been with us for for years and years at this point.And. And we hear really good things, I think, which makes us feel good.It tells us we're doing a few things.Right?
I think the other important thing is, you know, we want.We want feedback and I think unlike some organizations, we're actually open to to change.
And that's 1 of the nice things about our structure too, is we can be nimble and we can be flexible, whether that be relative to market conditions, or the specific needs of a segment of trucking, whether that be.
AG or somebody that's on a tanker or whatever else it may be.I think the feedback component is important too.So if somebody's sharing something back with us, it's not going to fall on deaf ears.
Again, we do it as a partnership with our insurance agencies and our ultimate end customers.
Yeah, that's good.I guess I'll say what's super exciting about this, and again, not to plug you all, but Since we founded Bolt Clothes in 2011, we're always looking for better ways to serve our clients.
Whether it's better pricing, finding loads for them, getting them paid quicker with our factoring company.But this is like something different that we can provide to them. insurance wise than that they haven't got before.
And I think that's what's super exciting about this.
And if we can save money on the long run, keep these customers in business, giving them more money that they can take and invest back into their business or take home to their families, man, it's a win-win for all of us.So again, I like this set.
For me, and I'm just saying personally, it's not about a money grab or grabbing more market share of this, but like, man, this is something really awesome that we can provide to our customers.
Yeah, totally unique in the market space, which is fun to see.We see a lot of clients of ours that have at one point reached out to one of the largest risk retention groups, which is OOIDA. They founded their risk retention group a while back.
And so they've had a lot of exposure in the owner op trucking space for what it means to get insurance through a platform like them.Their model today is direct through OIDA.So to be a trucker and to get OIDA insurance, you have to go to OIDA.
and call them.They do not use agencies like Bulk Insurance Group to distribute their insurance products.So I'm curious, for you guys, it seems like you started off down that path of distributing it directly to motor carriers.
And then it seems like you've pivoted a little bit to actually utilize agents.Can you talk about a little bit why you pivoted or what that transition has looked like?
Sure.Yeah, I think, you know, the idea, at least initially, was the main focus early on was the owner-operator segment.
And the insurance needs of the owner-operator segment are just less complicated than somebody with their own authority, primarily physical damage, non-trucking liability, that sort of thing.
You know, there's a certain level of guidance, I think, that's necessary when you need auto liability, general liability, cargo, trailer interchange.You're getting into some more complexities. And we offered those products on a direct basis.
But, you know, at the end of the day, there's a ton of, not a ton, there's a select group of insurance agencies and bulk is the gold standard, you know, that no one understand the trucking space and can independently recommend providers and options for their customers.
And so for us, you know, I think it was a matter of getting the word out 2, right?We, we recognize the importance of having a knowledgeable trucking specific consultant in an insurance agency that we can have a partnership with.
And I think with an does a fantastic job. They still have a core mission of being the association for owner operators.
And by the nature of their association, they've just got a large market that they can talk to and offer different things directly to. And that isn't necessarily the setup and nature of 10-4 truck insurance.
So just given us having a little bit of a different approach, not being tied to a very large, long-standing association like OIDA is, for us, part of it, too, is just being able to meet the customer where they're at.
If you're working with an insurance agent, or you've got some complex needs, and you're not yet working with an insurance agent agency, or you probably should, you can reach 10 for truck insurance that way.
And then for those that they have a referral into 10 for truck insurance through 1 of our affiliate partners, dealerships, finance, leasing companies, motor carriers that have an owner operator population that options there too.
Yeah, that's good.One other thing I wanted to ask too, it's kind of interesting and unique about you guys.At Bulk Insurance Group, we do business with 30 different truck insurance markets, 10-4 being one of them.
As an agent, one of the hardest things in the space is to gather data from a motor carrier who's on the road all the time. He needs his loss runs, he needs his equipment list, he's got to get his driver's list, all this information.
And then as an agent, you got to package it all together and send it to the market.One thing that's really unique and I love about 10-4 is your guys' quoting process.
Yeah, we still have to collect data and we got to put it together and it's got to look good. But if you could talk a little bit about how you guys went about building the rating system.Because I think that's really unique in the marketplace.
We see some insurance carriers that go direct to the consumer, the progressive model or a GEICO model.And they're able to fill out their information online and get quotes in minutes.
your all system, similar in some senses, as you guys previously went direct to consumer and still do.But can you talk a little bit about why you made it so easy and the purpose behind it?
And then what new technology you're trying to incorporate into that user experience?
Yeah, you bet.Yeah, I mean, I'll start off by saying, we're not trying to be all things to all people.And we're certainly not trying to To try to take over the entire insurance market, right?
There's there's like you mentioned, there's 30 different trucking markets that you all work with.There's there's plenty of room for for friendly competition out there.I think we've got a, we've got a niche and we've got a certain.
Slice of the trucking industry that we do well with and we'll continue down that path to make sure we're able to offer excellent service, quality rates, claims handling, et cetera.
But for us, we understand the importance of a trucking company owner or a driver or an owner-operator's time.Again, very non-traditional setting.
They're on the road quite a bit, so it makes the process more difficult getting all that data over there. I think anybody that hears, oh, boy, insurance is coming up.I don't know that anybody gets excited or does a happy dance for that sort of thing.
So we get it right.We understand it's not the sexiest process or the most fun thing that anybody's going to do.So we tried to make it easy both for the. our end customer and our agency partners.And that's a quick qualification process.
We've got seven or eight questions that really determine if there's going to be a fit for this term or not.And that protects our agency's time.That protects our end customer's time.
That protects our underwriters time and spend more time working on accounts that are ultimately going to lead to them being a 10-4 truck insurance customer.
All of these things translate to less an expense and being able to help us deliver the quality rates that we do day in and day out.We're trying to make it easy.That's, I think, an overarching thing here.
How does 10-4 truck insurance do things on a daily basis that ultimately make our end customer, the trucker's life easier, and insurance agency's lives easier, and hopefully our employees' lives easier, so they love coming into work every day and doing what they do?
I think we've just, I don't know if it's self-preservation or what, but the insurance process is just kind of, you know, way too complicated and over-engineered and it just doesn't need to be.
Once you get to a yes or you think there's going to be a fit, we're going to need some more information, but at that point, you know, it's going to translate into hopefully a better rate and a better experience.
We're all about trying to make things easier for everybody.
Yeah, and turnaround time is another, you know, big piece of this, right?
So, understanding that sometimes you need to cool really fast is, you know, we try to look at where the pain points are, not only for the agent, for the insurer, turnaround time is a huge one.
And a lot of times when I talk to people about how we use human beings to underwrite accounts, there's the immediate question that pops in their head of like, well, how can you be fast, right?How can you be quick?
When AI is utilized with these other companies that can make quick decisions.Well, I mean, we still make very quick decisions.We're very decisive and our underwriters are very good at what they do.
And that is one of the tentpoles of our mission is to be an industry best and industry standard for turnaround time as well.That just goes back to understanding kind of the needs of the trucking industry as a whole.
I mean, we kind of try to stay out of the gamesmanship of guarding our quotes too closely.That goes back to the level of partnership we have with our agents though, right?
So a lot of times when you work with certain agents, they'll work with a carrier that'll hold their numbers back to the last second to be able to guard their renewals, because usually they're coming in high and they don't want to be shopped.
We want to give you guys as the agent the equipment you need on time so you can have an informed conversation with your client or your insurer so they can make a good decision.
Then we're pretty confident where we come in is usually going to be the better number if it's an account we really want to go you know, go after with you.
But those are all things that are incredibly attentive to the needs of the market and the insurance.So.
Cut this if you want to, but for any, you know, trucker or trucking company out there that's listening to this, and if you're not a bulk insurance customer, or if you're not a 10-4 truck insurance customer, whether or not you're coming up on a renewal date or you're midterm in your policy right now,
You know, if you're an owner operator, we'll get you a quote in 20 minutes.If you've got your own authority, it's the same day turnaround.The thing is, you get a second option to consider.If it's better, great.
If not, you go on with your day and you didn't spend a lot of time and hassle to get a second look.
Both teams pretty dialed in on how to get a quote pretty quick.
Well, it's been a great podcast.I want to, as I kind of tail off, I just want to end on a, you know, I, I love the name 10 four.I mean, obviously it goes with trucking, but I think you guys got to come up with a mascot.
I mean, we got, you can't use a duck.You can't use the off-bridge.Flow's already taken, but I think like, I mean, there's gotta be like this trucker, like
What do you think of the walkie-talkie, the 10-4 CB?That's not sexy enough.
We need something a little bit shorter.We got to make this fun, like the Southwest Airlines fun, like... Purple Penguin or something.
Yeah, we hear that quite a bit.I think, you know, something as uncreative as the 10-4 man has been thrown around, but yeah, we're on the hunt for a mascot.We're open to suggestions.So if anybody wants to throw something out there, we're all ears.
We can have Tyler, our creative department, help with that.By the way, to that point, I can promise you Alex and I are a lot funnier than we presented today.
You dive into the insurance.
It's, you know, it's, it's very important, but I can promise your local open mic night here coming up.He's he's in the country on a tour right now.I think so conference 2025, April 16th.We can get down there this year.
Yeah.Good time. Yeah, well, hey guys, I've enjoyed this.This has been awesome, man.It's been an absolute blessing that we found you or you found us.
I don't know which was which, but it's been great to see the council we've landed so far and the companies that we've served and helped.And I think it's a win-win-win for all of us in this market.I love it with Jarl's heart and passion with this.
We don't get this with a lot of insurance carriers, not to throw anybody under the bus, but I love that this relationship that we have with you all.You guys are right here in the Midwest with us, which makes it awesome as well.
So we look forward to the continued business.We'll put even links to 10-4 down below.Obviously, you can contact Bulk Insurance Group to get that.
But yeah, if you are out there and really searching for another option, which most people are, man, give us a chance.We will make it. as least painful as possible.We know that it's not fun.
Nobody thinks like when you're talking insurance, not a fun one, but we put that in real money.Yeah.Good savings.So cool.Well, I'll let you guys go.Chris and Alex, man.Thanks for coming on the podcast and a man.We hope to have you back soon.
We'll see you in 2025 as well.Thank you guys very much.I appreciate you.God bless.Appreciate it.Take it easy.
One thing I could tell after we did this show was just how passionate they are about wanting to grow this business, but really serve our industry.I think that's what's really cool.You said this on the intro, but again, it's a different way to think.
I think some people get nervous, but the thing is what I've realized over these years, the people that grow, are the people that are doing things different.
It's the people that are doing the exact same thing as everybody else that stay in the same exact area.
And I'm not saying this just for 10-4, but I'm just saying in general, one thing I noticed that people that are doing really well successfully, and I go and see thousands of companies, I've known thousands, we have thousands in our ecosystem, but like they are doing something slightly different than the other people and usually come out better for it.
Yeah, I think people can get stuck in a rut, right?It's no different than any of us with our personal lines insurance.
A lot of times you get stuck just renewing your current policy and maybe you're not out there looking for alternative opportunities or something different or unique or new.
Um, and so because of that, obviously you just renew and you know, you take a 25% increase and you just chalk it up to, Oh, it's the market. Um, I think what's awesome about these guys is, Hey, you don't have to live in that space.
You can actually go out, see what else is available in the marketplace and see if it's better fit.Maybe it is, maybe it's not, but you don't know until you try.
Yeah.I think I love that.They really hit on.Cause just again, talking to carriers all the time and this is all facets, but like, having a good responsive customer support team, making sure that they're getting responses, clarity.
Actually, I was talking to a company just this past week that they had some insurance things going on and they didn't know how to proceed with it.
And it was just a nightmare, but I love that they reinforced that, that, I mean, yeah, you want good affordable insurance, but you also want. someone that when something happens, you know what to do and know who to get ahold of.
The situation gets taken care of.
Yeah.We've seen tons of examples of poor claim service.I mean, it's just, it's part of the industry.Some companies do it really well.Some companies don't do it very well.
What I love about 10-4 is their claims team handles their trucking company's claims as well.So they're not new to claims.They're not third-party claims adjusters.
These are guys that are handling claims for the trucking piece of 10-4's business as well.
Um, so you can kind of trust them and you, you have a good understanding of when they go out and adjust the claim, it's going to, it's going to be professional.It's going to be done right.Cause they have a long standing history of doing it.
And that goes a long ways.
So if you're listening today and again, we know we're duals come in at all times of the year, but you're interested, Larry, what do they need to do?
Yeah.So two things, the best thing that you can do is go to bulk loads.com, click the insurance tab, fill out that form.That'll cause one of our producers to automatically reach out, book an appointment with you.
Um, even if you're just out there checking, right?Like, Hey, I just want to have a conversation with somebody.I'm not,
I don't know if I'm ready to renew or not, but that'll get the process started, allow us to see what you have going on and make recommendations.The other thing you can do is you can email me directly at larryatbulkinsurancegroup.com.
Get 20 minutes on my calendar and we can work together.And a lot of times what I'll do is I'll just consult. Hey, this is what I see.This is where I think you're doing good.This is where I think you could improve.Um, you know, some people like that.
Some people don't, but it gives us an opportunity just to have a one-on-one conversation.I'm not selling you anything.I'm just going to look at your cab report.
I'm going to, I'm going to ask you some questions and I'm going to tell you whether I think we can do better or not.And if the answer is no, that's fine too.
We are passionate about helping people grow and make money, but we're just as passionate about people saving money.And again, these are real dollars.Hopefully that we can save clients through the insurance process.
So typically, like I said, we will make it as frictionless as possible to reach out to us.It doesn't hurt to check it out and ask. We know that insurance is a pain in the butt process to do hard to switch.
But again, again, we're talking real savings, real substantial savings, maybe in some cases.So reach out, see if we can serve you in that capacity.I think I'm super excited where this goes.
Speaking of, I think these guys are going to be at our conference coming up.
It sounded like they were going to be at the conference and, you know, it'd be good to hear from them directly.It'd be fun.
Yeah.Bulk freight conference, April 16th through the 18th, 2025.The link is below.We're probably gonna be mentioning on every podcast episode.We want to see you there.I hear it every year.
This will be our third one, but after each one, I hear people that I wish I would've known about it. or I wish I would've came.I heard so many good things.I tell you, you do not want to miss this conference.It's going to be fun.
It's going to be down in Branson.There's family stuff to do.We invite you to bring your whole family.It will change your business.I hear all the time, people that we visit with Kelly Wilson.I was out in Kansas.
He talked about the relationships he made. He talked about one of the speakers faults and what he learned from there and how he's now he's trying to aspire to grow to that size business.
So again, I know it's time out of your schedule, maybe time that you have to take the truck down for a little bit, but it will be an investment worth the cause.We're not doing this to make money.Actually, we don't even. make money on this conference.
We do this to promote our industry and help those out there.We know that this will be a 10 X move.So make sure mark your calendars right now, April 16th through the 18th Branson, Missouri Bolt Freight Conference, 2025.The link is below.
You can purchase your tickets now early bird special right now, too.If you buy, go get them before the end of the year.So cool.Well, as we always close on all these podcasts, we want to open it up for prayer for those out there.
We know that we're getting closer to an election and there's a lot of uncertainty out there.But one thing I want to mention, not even election related, this is something I heard a pastor say at our church this last Sunday.I just want to repeat this.
He said, sometimes our weaknesses are what God has gifted us for his glory.And I've really thought about that deep.
And again, I think about like a lot of times, I know probably guys that listen to this podcast, people on the road, they can always think about like, what's wrong with me?Why do I do this?Why do that?But like, think about a lot of your weaknesses
are probably, I'm pretty certain, are superpowers to glorify God.Wow, that's good.Yeah.So man, keep that out there.
When you think about something that's wrong, think about how you can use maybe that weakness or you think of that weakness as something to glorify the Lord out there.That's so cool.As always too,
If you have a prayer or prayer request, we would love to pray for that.We do anonymously.We don't broadcast out there.It stays internal to this office.Simply send an email to prayer at bulkloads.com.Allow our team to pray over that.
We would be honored to take those in prayer.And like I said, we get, I would say several every week and more and more at different times.So man, let us do that.Larry, I'm going to point this over to you if you want to close this out in prayer.
Lord, thank you for this podcast and this mission, God, to serve your people, God.
We pray for all of our listeners, God, and all of our clients and all the truckers out there, God, that they would know you, God, that they would feel your presence, God, that you would be with them, that you would bless them, Lord.
God, we thank you for this industry and that we get to be a part of feeding the world, Lord.And like everything, God, we lift it up to you.These are your companies.These are your people, God.And thank you for the opportunity to serve.
In Jesus' name, amen.Amen.
Thank you, as always, for listening to the Bulk Loads podcast.If you haven't yet, just hit the subscribe button down in the lower hand corner.
Also, if you know just one or two people that can benefit from this podcast, maybe you have a buddy out there trucking, his insurance has gone up, he's complaining about it, simply send this over, just share this to your social media, or you can click the share button and text it right over to them, and we would be very thankful and honored if you could share to those out there that can benefit from this show.
Thank you, as always, for listening, and God bless.
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