- Connected technology equips small to midsize commercial fleets with sophisticated safety and risk-management tools to mitigate risk, improve efficiency and reduce insurance costs
- HDVI continues growth, expands fleet services office, and starts offering insure tech solution in South Carolina with plans to be in 25 states by the end of 2022
High Definition Vehicle Insurance (HDVI), the leader in commercial auto insurance technology and product innovation, today announced 20 million miles of telematics data shows its innovative products, data, consultative services, and dynamically priced insurance is helping its small to midsize trucking fleet customers protect drivers and equipment, improve operations and lower insurance costs.
HDVI Shift®, a first-of-its-kind dynamically priced commercial trucking insurance coverage launched last year, uses onboard telematics data to inform real-time risk models. With HDVI Shift, fleets can save up to 12% on their monthly premium based on real-time driver safety, rather than waiting for their insurance company to recognize their safety gains, which could take years.
“We are attracting fleets that share our commitment to safety,” says Chuck Wallace, HDVI CEO and co-founder. “In our first year of Shift and based on 20 million miles of telematics data, our studies show that HDVI customers have better than average safety scores with 30% fewer predicted crashes.”
HDVI’s comprehensive safety management and data-driven insights helps fleets achieve additional quantifiable improvements. For example, over 75% of its customers saw an improvement in speeding or harsh braking in the first six months, a number that rises to over 90% after nine months of becoming an HDVI Shift policyholder.
HDVI delivers a more connected and tailored service than traditional insurance providers by providing safety insights through the HDVI fleet portal and meeting with fleets monthly 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 earn rewards and receive valuable safety information.
“The safety coaching sessions with HDVI Fleet Services have helped to improve our overall safety culture, which resulted in a reduction of our insurance premiums,” says Guru Shah, CEO of Shah Trucking and Shah Logistics. “We use HDVI Shift to support our transport of products on time and in perfect condition. It also supports our commitment to putting our drivers first and keeping a pulse on leading industry trends.”
Included in an HDVI Shift policy is the cost of fleets to install and use video telematics and electronic logging (ELD) systems. HDVI Shift pays for the hardware and subscriptions for a wide range of video telematics devices.
HDVI available in South Carolina
The insurtech company also announced its expansion to fleets in South Carolina.
Over 79% of South Carolina communities depend exclusively on trucks to move their goods, according to statistics cited by the South Carolina Trucking Association, showing how trucking drives the state’s economy. SCTA also indicates that over 7,900 trucking companies operate in South Carolina, primarily small, family-owned businesses.
HDVI has had a presence in South Carolina since 2019 and opened its Greenville office in June 2021 where it operates its Fleet Services team, which is expected to expand in 2022.
“HDVI gives small to midsize fleets access to advanced telematics tools that are usually only available to mega-fleets and helps analyze the data to identify opportunities to improve operations and safety,” said Marty Maroney, HDVI chief fleet services and telematics officer. “Our standard practice of monthly conversations with our customers is almost unheard of in the insurance business. We will double the size of our Fleet Services team in 2022 to support this unique level of service and maintain the deep relationships our customers need.”
HDVI is focused on small and midsized trucking fleets and is currently available in 13 states, including Alabama, Arkansas, Georgia, Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, South Carolina, Tennessee, Texas, and Wisconsin.
Backed by a workforce that has doubled since 2018 and talented senior leadership, HDVI continues to develop new products and will grow its presence to 25 states by the end of 2022.
“HDVI Shift and Driver+ are just the first of many coverage and product innovations we will bring to the industry,” Wallace said. “As we look ahead, we’re already working on developing Shift 2.0, which will use data to reward fleets for safety gains already achieved right from the start of the policy.”
For more information, visit https://hdvi.com.
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.