Convoy Beats Industry Crash Rate by 16% with New Predictive Crash Capability
SEATTLE--(BUSINESS WIRE)--Jun 24, 2020--
Convoy, the nation’s most efficient digital freight network, today announced an industry-leading application of machine learning and automation to qualify safe drivers. The new approach processes millions of records daily to better correlate the relationship between carrier safety events, such as speeding violations or vehicle maintenance, and related crash data. Already a pioneer in carrier safety standards, Convoy’s new technology identifies the safest carriers to allow into its network, yielding 16 percent fewer accidents than the industry average 1. Access to a safer carrier network increases on-time deliveries and cost savings for shippers, with lower claim rates and fewer cargo incidents. Commercial crashes are one of the major contributors to cargo loss, which is estimated to exceed $50 billion 2 globally. Today, Convoy experiences a cargo claim less than once per 2,000 loads, whereas the industry experiences a cargo claim about once per 100 loads.
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Convoy's new predictive crash capability (Graphic: Business Wire)
Historically, obtaining access to carrier safety data has been difficult due to a lack of accurate tools and resources. The most widely used information comes from the Federal Motor Carrier Safety Administration’s (FMCSA) Carrier Safety and Accountability (CSA) program. The latter generates overall ratings of Unsatisfactory, Conditional, or Satisfactory for carriers; however, 95 percent of carriers have not completed a full compliance review and remain ‘not rated’, limiting visibility into the vast majority of safety records. This prevents an adequate assessment of carrier safety during hiring and breeds uncertainty and mistrust among shippers.
In contrast, Convoy applies machine learning to more accurately predict a carrier’s likelihood of an accident by processing thousands of inputs—such as carrier crash history, vehicle maintenance, and speeding and traffic violations—across millions of records. The machine learning model produces scores for the tens of thousands of carriers in Convoy’s network. Convoy’s system automatically reviews those scores and qualifies or removes carriers from the network, in real-time, if the carrier falls below safe thresholds. Additionally, the model gets smarter over time, driving continuous improvements with additional data, providing shippers with increasingly high levels of safe and reliable carriers.
“Accidents are an unfortunate reality of the transportation industry,” said Lorin Seeks, Director of Carrier Quality and Compliance at Convoy. “This model predicts which carriers are likely to get into an accident, enabling us to select the best carriers and build a safer carrier group for our customers. We now believe we have the industry’s highest carrier safety standards, which has been echoed to us by insurance providers, auditors, and our customers.”
For more information, visit https://convoy.com/shipper/quality-safety-compliance.
Convoy is the nation’s most efficient digital freight network. We connect shippers to carriers to move millions of truckloads, saving money for shippers, reducing hassle for carriers, and eliminating carbon waste for our planet. We use technology and data to solve problems of waste and inefficiency in the $800B trucking industry, which generates over 76M metric tons of wasted CO2 emissions from empty trucks. Shippers like Anheuser-Busch, CHEP, P&G, and Unilever, trust Convoy to lower costs, increase logistics efficiency, and achieve environmental sustainability targets. For more information, visit www.convoy.com.
1 Industry average includes all for-hire motor carriers with active common or contract authority nationally; source, FMCSA
2 Source, the National Cargo Security Council (NCSC)
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PUB: 06/24/2020 08:00 AM/DISC: 06/24/2020 08:01 AM