Independent CPA firm’s SOC 2 Type 2 examination shows HDVI takes the right steps to prevent data vulnerabilities
High Definition Vehicle Insurance (HDVI), a technology-first commercial auto insurance provider, announced today the successful completion of an independent System and Organization Control (SOC) 2 Type 2 examination to confirm proper industry standards for data management practices and organizational controls have been followed to protect both customer and corporate information.
Schellman & Company, LLC (Schellman), an independent CPA firm and provider of attestation and compliance services, including SOC examinations, reviewed HDVI’s description of its HDVI Software-as-a-Service (SaaS) system and the suitability of the design and operating effectiveness of important security controls.
“Passing a SOC2 audit provides our fleet customers and our prospects objective evidence that HDVI is serious about integrity, ethics and security throughout our operations,” said Cu Pham-Barnes, Chief Technology Officer. “HDVI’s ability to analyze and act on the telematics data from our customers to help them improve their safety performance and reduce insurance premiums demands we follow proper procedures to keep information safe and secure.”
HDVI completed a SOC 2 Type 1 examination in Q1 of 2021 to test the suitability of the design of relevant security controls, and subsequently completed a SOC 2 Type 2 examination in Q4 of 2021 and 2022. SOC 2 Type 2 tests will continue to be performed annually.
The company also guards against potential cybersecurity vulnerabilities by conducting regular internal data protection training for its employees and simulated “white hat” attacks to proactively spot and block possible breaches from happening. HDVI vendors are also expected to complete a SOC 2 examination or adhere to ISO 27001 information security management systems standards.
“HDVI is committed to long-term, ongoing internal practices that will protect the security of customer information,” Pham-Barnes said. “These practices will help ensure we have the right people, policies and procedures in place to handle and respond to a security incident, and fundamentally lead to the long-term success of our business.”
Since its debut in 2021, HDVI’s usage-based insurance product, HDVI Shift™, has helped small and midsize fleets use safety-related telematics data to improve overall driver safety. Using real-time telematics data, fleets can reduce their premium monthly by improving their safety scores. With the next generation of Shift, fleets will now be able to save up to 20% monthly.
HDVI is currently available in 18 states, including Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, Minnesota, Missouri, North Carolina, Ohio, South Carolina, Tennessee, Texas, Utah, and Wisconsin. The company expects to operate in 30 states by the end of 2023.
For more information, visit https://hdvi.com.
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, rewards safe driving, and delivers efficient and fair claims processing. HDVI is headquartered in Chicago with additional offices in Greenville, South Carolina; Columbus, Ohio; and San Francisco. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies.