As we bid farewell to 2023 we’re taking a moment to reflect on a year marked by innovation, resilience and advancements in the trucking industry. Let’s look at the key highlights that, alongside our valued customers, defined our journey in the past year, and catch a glimpse of what lies ahead in 2024.
Improving safety is a top priority
In the trucking business, safety isn’t just a priority. It’s a necessity. HDVI made significant strides in leveraging AI technology to improve safety standards. While traditional insurers might overlook critical safety data from telematic devices like ELDs and dashcams, HDVI embraced it. Telematics is the cornerstone of our risk modeling, enabling us to not only assess risk more accurately but also to empower our customers with insightful data.
In 2023, HDVI rode along with our customers for nearly 200 million miles of safe driving. Now in its third year, HDVI Shift® is compiling an impressive safety record. Fleets that are insured with HDVI are not only safer than industry benchmarks, but continue to get even safer. 90% of HDVI customers witnessed improvements in either speeding or hard braking, with an impressive 77% experiencing positive changes within their first six months as policyholders. By the end of their first policy term with HDVI, many customers have seen predicted crash rates that are nearly 10% better.
Significant cost savings
Savings are synonymous with success in the trucking industry, especially for small and midsize operations. HDVI Shift continued to be the go-to solution for fleets looking to maximize the potential of safety-related telematics data. With a focus on safety and mitigating risk, HDVI fleets totaled an impressive $1.1M in savings, with the best fleets pocketing over $2,000 per truck annually. With potential savings of up to 20% on HDVI Shift policies, our commitment to cost-effectiveness was evident in every mile traveled.
Driver Rewards Program: Incentivizing safe driving
Acknowledging and rewarding safe driving habits is integral to fostering a culture of responsibility on the roads. In 2023, HDVI facilitated a driver rewards program that saw fleets generously awarding over $165,000 to their safe drivers. Beyond the financial incentives, this program played a pivotal role in reinforcing a commitment to safety and building a community of responsible drivers.
With a technology-centric approach and a commitment to customer satisfaction, HDVI drove a greater than 100% year-over-year business growth in 2023. Our expanding footprint now covers 24 states, including Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, and Wisconsin.
Seamless user experience
In 2023, HDVI continued to push the boundaries of innovation by introducing new features to our suite of products. From increasing premium discounts of up to 20% for fleets to HDVI TotalQuote™ and Safety Lookback™, ease-of-use remained a top priority. Total Quote streamlines submission processes, indications, and quotes, while Safety Lookback analyzes previous safety telematics data to secure upfront discounts at policy bind. These tools not only simplify processes but also empower our agents to build and retain a satisfied client base.
Further, agents are now delighted to be able to see the same data as their fleets in the portal. They can download monthly Shift endorsement forms, enter monthly mileage reports, and retrieve and pay invoices directly through the portal.
Insured fleets now enjoy access to a more comprehensive set of reports. They can analyze their performance with our Shift product as a fleet overall, see the biggest areas of impact, and compare their data against a benchmark. Fleets can also view KPI charts that help navigate coaching conversations with their drivers about safety. This year we’ve also added additional FMCSA compliance data including ISS and BASIC scores so fleets can get a more holistic view without leaving the portal. Further, fleets can submit and see claims directly in the portal. For any fleets who use our rewards program or encourage their drivers to use the Driver+ app, we’ve simplified account setup to make it easier for drivers to create their app accounts.
Looking forward to 2024
As we stand on the cusp of a new year, HDVI is excited to continue serving our customers and partners with top-of-the-line insurance products, innovative tools, and creative solutions. Our commitment to making trucking insurance more tailored, efficient, and safer than ever remains unwavering. HDVI is leading the industry in using AI-driven underwriting to transform commercial trucking insurance. We are excited to continue on our father, and to bring our innovation to new market segments – including fleets with four or fewer power units – in 2024.
Here’s to another year of shared successes, new milestones, and a journey toward a safer, more cost-effective future in trucking. Thank you for being a part of the HDVI family. Cheers to 2024!
Chuck & Reid