Trucking is a challenging business but 2022 was a year of improved safety, lowered costs, and increased growth for HDVI and its customers. As we head into a new year we want to reflect on some key highlights and accomplishments from last year, and share a preview of what’s coming in 2023.
Safety is critical to reducing insurance costs. While traditional insurers ignore important safety data available from common telematic devices like ELDs and dashcams, it’s key to success here at HDVI. In addition to using telematics for our risk modeling, we pair every fleet customer up with a Fleet Services Representative who helps analyze telematics data and identify driving trends to improve safety.
Achieving nearly 100 million miles of telematics data in 2022, HDVI Shift™ customers have seen better-than-average safety scores with 40% fewer predicted crashes. Quantifiable results show 90% of HDVI customers see an improvement in either speeding or hard braking, with 77% seeing improvement in their first six months as a policyholder.
This past year fleets of all sizes, especially small and midsize operations, continued to use HDVI Shift to put safety-related telematics data to better use. HDVI customers can save up to 12% on their HDVI Shift policy with the best fleets saving over $1,000 per truck each year.
To further help customers take more control over their insurance costs, HDVI also launched new auto liability deductibles ranging from $1,000 to $100,000, and policies for intermodal and dry bulk operations.
HDVI provides a more connected and tailored service than traditional insurance providers by providing safety insights through the HDVI fleet portal and meeting with fleets regularly to help them identify where they can focus their efforts to improve safety and reduce insurance costs. Drivers are also engaged through the HDVI Driver+ mobile app, where they can access valuable safety-related insights.
A driver rewards program makes it easy for fleets to reward drivers for their good driving habits. Fleets awarded over $100,000 to safe drivers during 2022 using the driver rewards program facilitated by HDVI.
With our technology-centric approach, customers continued to see lower insurance costs and HDVI experienced 300% year-over-year business growth during 2022. In addition to sales growth, we continued to bring in top talent and have increased our workforce by over 57% year-over-year. We also doubled our footprint in 2022. Today, HDVI is available in 17 states, including Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, Minnesota, Missouri, North Carolina, Ohio, South Carolina, Tennessee, Texas, and Wisconsin. We expect to operate in 30 states by the end of 2023.
Ease of use
In 2022, our team continued to push out new, exciting features on innovative and easy-to-use products. In addition to fleet products like HDVI Shift and Driver+, we strive to make insurance easy for everyone including our agents. This past year we launched HDVI TotalQuote™ and Safety Lookback™ to help agents build and retain their client base, making it easy to win customers and keep them happy. TotalQuote streamlines the process for submissions, indications, and quotes, while Safety Lookback creates more competitive quotes by analyzing previous safety telematics data to lock in discounts up front that applies at policy bind. It’s a win for our agent partners and our customers.
Looking toward the future
In a way, 2022 was all about gearing up for 2023. In December we refreshed the HDVI brand with a new look and feel that matches our innovative, look-forward spirit. We are just at the tip of the iceberg of many coverage and product innovations the company will bring to the industry. We plan to continue to utilize telematics data to reward fleets for safety gains already achieved right from the start of the policy.
We are excited to continue to serve our customers and partners with top-of-the-line insurance products, innovative tools and technologies, and creative ways to make the trucking insurance business more tailored.
Chuck & Reid