Annual Awards Program Recognizes Innovation in Automotive and Transportation Technologies Around the Globe
High Definition Vehicle Insurance (HDVI), the leader in commercial auto insurance technology and product innovation, has been selected as “Usage-based Insurance Solution of the Year” in the third annual AutoTech Breakthrough Awards. The awards program is conducted by AutoTech Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global automotive and transportation technology markets today.
The annual AutoTech Breakthrough Awards program conducts the industry’s most comprehensive analysis and evaluation of automotive and transportation technology categories, including Connected Car, Electric Vehicles, Engine Tech, Automotive CyberSecurity, Sensor Technology, Traffic Tech and many more. This year’s program attracted more than 1,500 nominations from over 15 different countries.
“We started HDVI in 2018 in response to the need for innovation in commercial auto insurance and with a mission to help small and mid-sized trucking fleets take control of their insurance costs by actively helping them improve safety,” said Reid Spitz, co-founder and chief product officer at HDVI. “The Autotech Breakthrough Award really recognizes the tremendous progress the company has made and the dedication our entire team has for creating products that help our customers.”
One example of the company’s commitment to innovation is HDVI Shift®, the commercial auto industry’s only dynamically priced insurance product. HDVI Shift launched in 2021 and uses onboard telematics data to inform real-time risk models. By integrating technology and data, HDVI Shift helps small and midsize fleets save up to 12% on their monthly premium based on real-time driver safety. Each month, HDVI analyzes the data and meets with fleets to review the results and provide actionable safety insights.
Since HDVI Shift launched, 40 million miles of telematics data from fleets show significant safety improvements, including reduced speeding and hard braking, and lower predictive crash rates. HDVI customers have better than average safety scores with 30% fewer predicted crashes. Additionally, 90% of customers see their drivers reduce speeding and hard braking in their first six months.
“Commercial trucking insurance hasn’t meaningfully changed in decades and has emerged as a significant crisis for the industry. Fleets now face skyrocketing premiums and fewer options for coverage. Smaller fleets, especially, struggle to incorporate the technologies and advanced approaches needed to drive higher levels of safety and better risk management. Incumbent insurance companies use low-definition data to evaluate risk. Most of these classifications are designed to work on average for broadly defined groups,” said Bryan Vaughn, Managing Director of AutoTech Breakthrough Awards. “HDVI helps fleets to drive gains in operational efficiencies and safety through their technology and high-definition data. This approach helps companies achieve a significant reduction in accident and loss frequency, severity, and cost. Congratulations to HDVI on being our pick for ‘Usage-based Insurance Solution of the Year.’”
HDVI provides fleets with the data, tools and coverage needed to reduce insurance costs, increase safety, mitigate risk, and improve efficiency. The company provides commercial fleets with an innovative, flexible insurance product alongside powerful, easy-to-use tools to help them improve safety, compliance, and profitability. HDVI is headquartered in Chicago, Illinois, with additional offices in Greenville, South Carolina; Austin, Texas; and San Francisco, California. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies.
About AutoTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the AutoTech Breakthrough Awards program is devoted to honoring excellence in automative and transportation technologies, services, companies and products around the world. The AutoTech Breakthrough Awards program provides a forum for public recognition around the achievements of AutoTech companies and solutions in categories including Connected Car, Electric Vehicles, Engine Tech, Automotive CyberSecurity, Sensor Technology, Traffic Tech, Vehicle Telematics and more. For more information visit AutoTechBreakthrough.com.