We are a recognized market leader in risk and human capital services to the transportation sector. We develop risk management and HR programs for organizations that move people or goods and the infrastructure that supports their movement.
The transportation and logistics industry deals with various risks and human capital challenges. These include claims administration, compliance management, fleet safety, hiring and retention and supply chain disruptions. Additionally, new threats such as cyber-attacks, data breaches, disruptive technologies and political risk require investments in new solutions to improve resilience.
Our team has industry expertise and knowledge gained from working with a range of transportation clients over many years. We differentiate our practice through the size of our team, the depth of our resources and the range of our clients. We work with specialists across WTW, including marine, construction and aviation. Together, we offer a comprehensive, integrated response, drawing upon the very best specialist knowledge.
The transportation sectors we serve
Our clients include some of the largest transportation companies in the world, in addition to trade associations, regulatory bodies and government departments. We are active members of industry organizations, helping ensure familiarity with relevant industry developments and issues.
Our clients span several distinct transportation sectors, including:
- Truckload
- Less than truckload (LTL)
- Intermodal
- Final mile
- Passenger and freight rail
- Ridesharing
- Transportation infrastructure
- Bus and coach
- Logistics
- Port operations
- Tour operators
Transportation industry risks and challenges
The transportation sector faces a wide range of risks, including:
- Cybersecurity threats: With the increasing use of technology as well as regulatory requirements to collect and store personally identifiable information in the transportation sector, cyber-attacks on physical assets and cyber transportation risks are becoming more common.
- Nuclear verdicts and social inflation: Transportation companies are facing staggering verdicts resulting in a reduction of available insurance capacity.
- Political risk: International trade disputes, sanctions, war and terrorism can lead to market fluctuations, losses and travel disruptions, which can affect the transportation sector.
- Driver shortage: The transportation sector is facing a worsening shortage of well qualified drivers, which can lead to a multitude of issues that only serve to increase potential threats to your business.
- Natural disasters: Weather events and natural disasters can disrupt and damage infrastructure or revenue producing assets of your enterprise, posing material risks in the transportation sector.
- Regulation and compliance: Transportation companies are highly regulated. Non-compliance can lead to critical legal and financial peril.
If you’re wondering what industry excellence means for our transportation and logistics clients, watch this animation to find out more about our transportation and logistics industry vertical division.
How we help the transportation industry
Risk management
We offer a range of risk management services, from risk engineering and business interruption reviews to strategic risk assessments and enterprise risk management. We develop custom risk management products that are tailored to meet the requirements of transportation companies.
We recognize that loss management is a critical area for the transportation industry. We employ dedicated loss management experts who organize the appropriate solution for each of our clients. This could be devising the most effective way of direct dealing with insurers, the appointment of an external claims-handling firm or managing losses in-house.
We offer a range of additional services, from claims audits to helping clients defend a claim. In the event of a large or more complex loss, we will deploy senior claims executives to personally manage the claim to conclusion.
Human capital
We can help you develop HR programs to attract and retain the critical talent you need to succeed. Whether it is full-time professionals or contingent workers for a specific project, we understand that you have distinctly different human capital needs. We can help you tailor HR programs to your unique requirements.
Some of the human capital services we provide include:
- Health and benefits
- Retirement plans and consulting
- Total rewards
- Employee wellbeing
At WTW, we can help you address your people and risk needs in the transportation and logistics industry, so you can manage risk smarter to meet goals and seize new opportunities.
Disclaimer
Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
