- HDVI grows YoY business more than 100% in 2023
- 200 million miles of safe driving helps HDVI’s customers reduce insurance costs by $1.1M
- Company’s success attracts top industry talent, adding 55+ years of combined insurance industry expertise to strong leadership team
- Company looks to expand to new market segments in 2024
High Definition Vehicle Insurance (HDVI), a technology-first commercial auto insurance provider, brings strong momentum into 2024 fueled by business growth, the safety performance of its fleet customers, additions to its senior leadership team, and plans to target new market segments.
“HDVI’s commitment to making trucking insurance more innovative, efficient, and tailored to the evolving needs of the industry remains unwavering,” said HDVI Co-Founder and CEO Chuck Wallace. “We lead the industry in using AI-driven underwriting to transform commercial trucking insurance and will continue to help customers improve their safety performance and reduce costs.”
The company’s ability to maximize the potential of safety-related telematics data helped its customers mitigate risk with nearly 200 million miles of safe driving in 2023. As a result of improved safety performance, HDVI fleet customers saved $1.1M in insurance premiums, with the best performers saving about $2,000 per truck annually.
The results also helped HDVI grow its business by over 100% year-over-year in 2023 and attract top industry talent to its strong team, Wallace said, pointing to the following leadership announcements:
- Reid Spitz, previously HDVI’s chief product officer, now serves as the company’s president. He continues leading software products and distribution and now oversees other major functions, including underwriting, insurance product and actuarial, and engineering and data.
“Reid’s customer-centric perspective on the use of technology to improve the insurance product and experience of commercial fleets, along with his strong business acumen, makes him an industry rock star,” Wallace said. “HDVI’s success is in large part based on his vision and I look forward to working closely with Reid and our strong team as we build on the success of 2023 and charge ahead throughout 2024.”
- Paul McCaffrey, an accomplished financial and operational executive with over 25 years of experience in the property casualty space, joins the company as chief financial officer, reporting to Wallace. Prior to joining HDVI, McCaffrey held CFO positions at CSAA Insurance Group (a AAA Insurer), Grange Insurance and American Share Insurance as well as senior financial positions at Nationwide and Ernst & Young.
“Paul is a financial expert and a strategic leader with strong credentials in financial planning and analysis, accounting and underwriting,” Wallace said. “He comes to HDVI to lead a strong financial team already in place and focused on building financial systems that drive growth and scale.”
- Ron Honken, a business growth and insurance agency management leader with over 30 years of experience, joins the company as senior vice president of business development, reporting to Spitz. Honken most recently served as chief growth officer, transportation and logistics at AON, where he led a risk advisory team and expanded the company’s client base. His prior experience focused on forging new agency partners and managing growth at Great West Casualty Co., Hudson Insurance Group, Berkley Fleet Services, and Carolina Casualty.
“We look forward to Ron’s leadership in continuing to develop deep relationships with HDVI’s agency partners, a cornerstone of our profitable growth strategy,” Spitz said. “His leadership abilities and deep industry expertise will serve HDVI, its agencies, and its insureds extremely well.”
Fleets insured with HDVI are safer than industry benchmarks and continue to get safer. Quantifiable results show that 90% of HDVI customers see an improvement in either speeding or hard braking, with 77% seeing improvement after their first quarter with the company. By the end of their first policy term with HDVI, many customers have seen predicted crash rates that are nearly 10% better than industry average.
“HDVI continues to serve our customers and partners with top-of-the-line insurance products, innovative tools, and creative solutions and to bring our innovation to new market segments – including fleets with four or fewer power units – in 2024,” Wallace said.
HDVI is a technology-first commercial auto insurance provider. The company assesses risk using historical and real-time telematics data and provides tools and services that help fleets increase safety, reward safe driving, and benefit from efficient and fair claims processing. HDVI is headquartered in Chicago with additional offices in Greenville, South Carolina; Columbus, Ohio; Portland, Oregon; Dallas; and San Francisco. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, visit https://hdvi.com.