Connected technology equips commercial fleets with sophisticated safety and risk-management tools to mitigate risk, improve efficiency and reduce insurance costs
CHICAGO, Aug. 31, 2022 /PRNewswire-PRWeb/ -- High Definition Vehicle Insurance (HDVI), a technology-first commercial auto insurance provider, today announced its expansion into Florida. Small to midsize trucking fleets in the state can now use HDVI's innovative telematics-based insurance solutions to receive safety coaching and lower insurance costs.
Over 85% of Florida communities depend exclusively on trucks to move their goods, according to the American Transportation Research Institute. The trucking industry contributes to the state's economy in a challenging business environment consisting of historically high fuel costs, driver shortages and increasing insurance premiums, said HDVI co-founder and CEO Chuck Wallace.
"HDVI's sophisticated safety and risk-management tools help small to midsize trucking companies safeguard their drivers, operate more efficiently, and save on insurance costs," Wallace explained. "During the first year of HDVI Shift™, and based on 40 million miles of telematics data, our customers have better than average safety scores with 30% fewer predicted crashes."
HDVI Shift, the first-of-its-kind dynamically priced commercial trucking insurance coverage, uses onboard telematics data to provide small to midsize fleets real-time risk models – advanced tools that are usually only available to mega-fleets. Using real-time risk models, HDVI identifies and monitors the frequency of risk factors to provide monthly insurance premium discounts up to 12% to customers who improve their safety scores.
Additional quantifiable results show that over 75% of its customers saw an improvement in speeding or hard braking in the first six months. This number 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 monthly meetings to show fleets how they can improve safety and reduce insurance costs.
The company is focused on small and midsized trucking fleets and is currently available in 15 states, including Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, South Carolina, Tennessee, Texas, and Wisconsin.
Backed by a workforce that has doubled over the past year and highly experienced senior leadership, HDVI continues to develop new products and will grow its presence to 25 states by early 2023.
"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," Wallace said.
For more information, visit https://hdvi.com.
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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.
Emily Moran, High Definition Vehicle Insurance (HDVI), 1 248-855-4300 Ext: 5, [email protected]
SOURCE High Definition Vehicle Insurance (HDVI)