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Bluewire, a first-of-its-kind AI software-as-a-service (SaaS) company, aims to arm motor carriers and their insurers with data to help counter false narratives that lead to damaged reputations and potentially massive punitive damages in lawsuits.
The newly launched company believes that those narratives and the negative public image they create contribute heavily to nuclear verdicts those commonly exceeding $10 million against trucking companies.
Recently, such verdicts have been on the rise. In a study, the American Transportation Research Institute (ATRI) found that from 2006 to 2019, verdicts of over $10 million almost doubled. In addition, verdicts of over $1 million grew from 26 in 2006-2010 to 265 in 2015-2019.
Steve Bryan launched Bluewire to help fleets mount proactive defense strategy against plaintiff attorneys. Read CCJ to see how the technology measures a fleet s reputation.
May 13, 2021
Hollywood action movies follow a predictable script for disarming bombs. Seconds before the ticker reaches zero, a protagonist cuts the blue wire and saves the day.
Solving legal problems is not so simple, especially for motor carriers who over the last decade have seen the litigation environment turn “nuclear.”
In a June 2020 report, the American Transportation Research Institute charted a 967% increase in the average size of verdicts from $2,305,736 to $22,288,000 between 2010 and 2018.
The good news, if there is any, is that rising litigation and insurance costs have created entry points for businesses to bring a fresh approach. For example, loss ratios have forced commercial truck insurers to exit the market but “insurtech” companies have come in with programs and technology to squeeze out savings for fleets.
CSPAN U September 21, 2010 archive.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archive.org Daily Mail and Mail on Sunday newspapers.