High Definition Vehicle Insurance (HDVI) announced 20 million miles of telematics data it gathered shows its products, data, consultative services, and insurance is helping small to midsize trucking fleets protect drivers and equipment, improve operations, and lower their insurance costs.
HDVI Shift, the first-of-its-kind dynamically priced commercial trucking insurance coverage launched last year, uses onboard telematics data to inform real-time risk models. Rather than wait years for a traditional insurance company to recognize and potentially reward safety gains, HDVI Shift helps fleets save up to 12% on their monthly premium based on real-time driver safety, according to a release from the company.
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“We are attracting fleets that share our commitment to safety,” said Chuck Wallace, HDVI’s 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.”
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, according to the company.
“The commercial auto insurance industry, particularly trucking insurance, desperately needs innovation,” Wallace adds. “Insurance rates for commercial trucking fleets rise annually and insurance companies struggle to incorporate data and technology into their business models. Our metrics are helping fleets identify actionable safety improvements that lead to significant premium discounts.”
HDVI delivers a more connected and tailored service 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 devices (ELD). HDVI Shift pays for the hardware and subscriptions for a range of suppliers of video telematics devices.
