CB Insights names HDVI an Insurtech 50
High Definition Vehicle Insurance (HDVI), a technology-first commercial auto insurance provider, is now ranked among the world’s 50 most promising private insurtech companies, according to CB Insights’ second annual Insurtech 50 list.
“HDVI was created to provide the commercial trucking industry with the kind of innovation needed to protect small and midsize fleets from crippling annual rate hikes,” said Reid Spitz, co-founder and chief product officer of HDVI. “Traditional insurers look at everything other than who is driving the truck and how they are driving it. On the other hand, HDVI helps fleets use their advanced telematics data to influence the kind of behavior change required to improve safety performance and reduce their insurance premiums.”
Utilizing the CB Insights platform, the research team selected 50 private market vendors from a pool of over 2,000 applicants and nominees. CB Insights’ datasets were used to select those on the list – criteria included R&D activity, proprietary Mosaic scores, business relationships, Yardstiq transcripts, investor profiles, news sentiment analysis, competitive landscape, and team strength. The research team also considered tech novelty, market potential, and Analyst Briefings submitted by applicants.
HDVI brought innovation to the commercial trucking insurance industry through HDVI Shift®, an insurance product that uses real-time telematics data to inform risk models and deliver better, smarter usage-based insurance to small and midsize fleets. HDVI delivers an AI-powered driver score algorithm and an ML-powered insurance model based on a 3.5-billion-mile dataset to select, price, manage, and retain risk.
The company identifies and monitors the frequency of risk factors to provide monthly insurance premium discounts of up to 20% to customers who improve their safety scores. Quantifiable results show 90% of HDVI customers see an improvement in either speeding or hard braking, with 77% seeing improvement after their first quarter with the company. HDVI’s tailored services provide valuable insights and regular consultations their customers use to improve safety and reduce insurance costs.
“This year’s Insurtech 50 winners are accelerating important innovations across an industry that has a direct impact on human health and well-being,” said Niall Williams, Lead Analyst at CB Insights. “From infrastructure to AI and analytics, our cohort is shaping the future of insurance in significant ways.”
Quick facts on the 2023 Insurtech 50:
- Equity funding and deals: Overall, the cohort raised over $9B across 174 equity deals since 2018. In 2022 alone, companies from this cohort raised $2.4B across 31 deals.
- Unicorns: There are 12 companies with over $1B valuations on the list.
- Geographic distribution: This year’s winners represent 10 different companies, including 31 headquartered in the US. The UK comes in second with five winners, followed by Israel and France with three. Other countries home to at least one winner on this year’s list include Australia, Germany, Belgium, Singapore, Chile, Canada, and Indonesia.
About CB Insights
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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.