HDVI Launches Enhanced Usage-Based Insurance Program for Truck Fleets
CHICAGO, Feb. 1, 2023 /PRNewswire/ — High Definition Vehicle Insurance (HDVI), a technology-focused commercial auto insurance provider, has announced the next generation of HDVI Shift™. This updated version is designed to offer commercial truck fleets a usage-based, dynamically priced insurance product. Initially available in select states for policies starting February 1st or later, the new Shift program gives fleets greater control over their insurance costs, including the potential for increased monthly premium savings.
HDVI’s initial Shift program, launched in March 2021, has proven effective in helping small and midsize fleets utilize safety-related telematics data for improved driver safety. The new generation of Shift builds on this by providing fleets with the ability to track their safety scores in real-time using telematics data, and in turn, reduce monthly premiums. Fleets can now save up to 20% monthly which can translate to significant annual savings.
HDVI has also introduced Safety Lookback™, which analyzes telematics data from the past 90 days upon policy quotation. Fleets displaying strong safety performance can qualify for immediate discounts applied at the start of their policy. These savings could amount to over $50,000 annually for a fleet of 25 trucks.
“During the first 18 months of Shift, customers had 40% fewer predicted crashes than industry averages, affirming that incorporating telematics data into our insurance product successfully drove safety improvements and reduced risk,” stated Todd Witte, HDVI’s Chief Insurance Product Officer. “After speaking with fleet operators and analyzing months of data, we’ve enhanced Shift. The program is now more responsive to factors fleets can control, and can deliver customers greater immediate savings and deeper discounts for safety improvements in 2023.”
To further incentivize and monitor safe driving, HDVI has created the Shift Score program. This provides fleet operators with monthly performance ratings. These ratings measure quantifiable goals that must be met to unlock further discounts.
“Most trucking companies have an operating margin of 3-5%, making maintaining a budget and controlling costs critical,” added HDVI Co-Founder Reid Spitz. “The next generation of Shift emphasizes behavioral factors which gives drivers and fleets more control over their month-to-month insurance costs.”
Shift Score is the latest in a suite of products HDVI provides. The company also provides safety insights through its fleet portal and regularly consults with fleet customers to determine how they can improve their safety performance and reduce insurance costs. Drivers are also engaged through the HDVI Driver+ mobile app, where they can access valuable safety-related insights.
Ben Davis, Principal at CIA – Commercial Insurance Associates, noted that HDVI’s program addresses a common challenge: “HDVI’s fleet service experts help fleets uncover ways to coach drivers on specific behaviors and then track what training or information their drivers accessed. Our customers use Shift to build and maintain a strong safety culture that improves their safety performance and often lowers their premiums by thousands of dollars over the course of a year.”
HDVI has leveraged approximately 3.5 billion miles of telematics data to develop a proprietary risk model. This data allows them to better select, price, manage, and retain risk. Results indicate that 90% of HDVI customers experience an improvement in either speeding or hard braking within their first year with the company.
HDVI’s services are currently available in 17 states, including Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, Minnesota, Missouri, North Carolina, Ohio, South Carolina, Tennessee, Texas, and Wisconsin. The company projects expansion to 30 states by the end of 2023.
For additional details regarding HDVI and the Shift program, please visit https://hdvi.com.
About HDVI
HDVI is a technology-driven commercial auto insurance provider. By using both historical and real-time telematics data, HDVI assesses risk and provides tools and services that help fleets improve safety. The company rewards safe driving behaviors, and offers an efficient and fair claims process. HDVI is headquartered in Chicago, with further offices in Greenville, South Carolina; Columbus, Ohio; and San Francisco.
High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent offering products underwritten by various insurance companies.
