Keep On Trucking With Dynamic Pricing & Telematics

Some US market news;

High Definition Vehicle Insurance (HDVI), a technology-first commercial auto insurance provider, will launch the next generation of HDVI Shift™, the first usage-based, dynamically priced insurance product for commercial truck fleets in select states for policies effective Feb. 1 or later. The next evolution of Shift gives fleets more control over their insurance costs, including an opportunity to increase monthly premium savings.

Since its 2021 debut, HDVI Shift™ has helped small and midsize fleets put safety-related telematics data to better use and 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’s new Safety Lookback™ analyzes fleets’ telematics data from the past 90 days when a policy is first quoted. Fleet customers can earn immediate discounts that can be applied at the start of the policy period if the data shows strong safety performance. A 20% monthly savings could translate to more than $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,” said HDVI Chief Insurance Product Officer Todd Witte. “After talking with fleet operators and assessing months of data, we’ve enhanced Shift to be more responsive to factors fleets can control, and deliver customers greater immediate savings and deeper discounts for safety improvements in 2023.”

GOOD SCORES EQUALS DISCOUNTED RATES

To further encourage and track safe driving behavior, HDVI introduced Shift Score to provide fleet operators with monthly ratings to measure performance and quantifiable goals that must be met to unlock the next discount.

HDVI used approximately 3.5 billion miles of telematics data to build a proprietary risk model and better select, price, manage, and retain risk. Quantifiable results show 90% of HDVI customers see an improvement in either speeding or hard braking within their first year with the company.

HDVI is 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 expects to operate in 30 states by the end of 2023.

For more information, visit https://hdvi.com.