High Definition Vehicle Insurance (HDVI) is launching the next generation of HDVI Shift, a usage-based, dynamically priced insurance product for commercial truck fleets in select states for policies effective Feb. 1 or later.
HDVI Shift debuted in March 2021 with a mission to help small and midsize fleets put safety-related telematics data to reduce their monthly premium and improve overall driver safety, the company noted in a press release. According to the company, the next evolution of Shift gives fleets more control over their insurance costs.
HDVI's new Safety Lookback feature 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, according to HDVI.
See also: How technology can impact a fleet’s insurance policy
"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."
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.
"Most trucking companies have an operating margin of 3-5%, making maintaining a budget and controlling costs critical," added Reid Spitz, HDVI co-founder. "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.
HDVI used approximately 3.5 billion miles of telematics data to build a proprietary risk model and better select, price, manage, and retain risk. 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.
