Fleets can save up to 20% on monthly premium for increased safety
CHICAGO, Feb. 1, 2023 /PRNewswire/ — 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 March 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.”
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 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.
That’s why Shift is the right solution for fleets that need to improve safety performance but lack the time and resources to fully evaluate and act on the data from their original telematics devices, according to Ben Davis, Principal at CIA – Commercial Insurance Associates.
“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,” Davis said. “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 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.
About HDVI
HDVI is a technology-first commercial auto insurance provider. The company assesses risk using historical and real-time telematics data and provides tools and services that help fleets increase safety, rewards safe driving, and delivers efficient and fair claims processing. HDVI is headquartered in Chicago with additional offices in Greenville, South Carolina; Columbus, Ohio; and San Francisco. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies.
View original content to download multimedia:https://www.prnewswire.com/news-releases/high-definition-vehicle-insurance-launches-second-generation-of-its-proprietary-telematics-based-shift-product-301736089.html
SOURCE High Definition Vehicle Insurance (HDVI)
Yahoo Finance's Pras Subramanian breaks down Ford earnings.
When Cathie Wood speaks, people listen. The chief executive of Ark Investment Management has had a far-from-perfect record when it comes to her investment choices — not to mention not exactly flattering feedback from CNBC's Jim Cramer. When asked what stock Wood would choose she won a million dollar lottery and was forced to choose a stock for ten years, Wood's pick was just as disruptive as her reputation.
Yahoo Finance Live examines Hanesbrands shares following losing dividends and consumer pivots away from the innerwear staple.
JMP Securities, a Citizens Company, Equity Research Analyst Nick Jones sits down with Yahoo Finance Live to dissect Amazon's latest earnings report and unit sales in the greater tech environment.
Yahoo Finance's Brad Smith breaks down headline numbers from Google parent company Alphabet's earnings.
Have a question about working with your financial adviser or looking to hire a new one? Email picks@marketwatch.com.
It came in one word on Jan, 31. Its author is Michael Burry, the founder of the hedge fund Scion Asset Management. Burry is known for his bet on the collapse of the U.S. housing market, which led to the 2008 financial crisis.
“A cryptocurrency is not a currency, not a commodity, and not a security,” Munger said Wednesday in a WSJ op-ed. “It’s a gambling contract."
Leading iBuyer Opendoor (NASDAQ: OPEN) was having an excellent day on Thursday. As of 3 p.m. EST, the real estate disruptor's stock had risen by 14% for the day and has now more than tripled from its 52-week low in just over a month. There isn't any company-specific news driving the news higher, but there has been a surge in optimism for the real estate market in general.
Shares of apparel company Hanesbrands (NYSE: HBI) dropped like a rock on Thursday after the company provided lackluster financial guidance and announced some substantial pivots to management's priorities. As of 11:40 a.m. ET, Hanesbrands stock was down 23% — particularly painful, considering the market is soaring today. On one hand, fourth-quarter revenue of $1.47 billion beat guidance from Hanesbrands' management.
The S&P 500 dipped by 19% in 2022, but stocks still don’t seem cheap to Charlie Munger, Warren Buffett’s billionaire partner at Berkshire Hathaway. “In my whole adult life, I have never hoarded cash, waiting for better conditions,” Munger said in an interview in late 2022. “I’ve just invested in the best thing I could find.” Yet he acknowledged that Berkshire Hathaway is sitting on billions of dollars in cash. The reason isn’t that Buffett and Munger think they can wait for stocks to get even ch
Amazon reported its Q4 2022 earnings on Feb. 2.
There's more evidence now favoring medical marijuana legalization. But medical marijuana is already legal in most states.
January has now been and gone and turned out to be a nice gift for investors. Battered by 2022’s bear, the tech-heavy Nasdaq, in particular, put in an excellent showing, seeing out the month ~11% into the green, in what amounted to its best start to a year since 2001. That signals the appetite for risk is on again and that will be good news for Cathie Wood, the ARK Investment CEO, whose investing style heavily favors disruptors – equities that are naturally positioned at the risky end of the sca
Following the company's previous earnings release, Cramer apologized to his audience, saying that his trust in Meta's management team was "ill-advised" and that his bullish hubris was "extraordinary, and I apologize."
The company is boosting its long-term addressable market, and the expanding use of AI could play a role in its growth.
When you need another stream of income for retirement, you might consider an annuity. You purchase the annuity from an insurance company and receive payments back at a later date. Before buying an annuity, it's important to consider how much … Continue reading → The post How Much Does a $300,000 Annuity Pay Per Month? appeared first on SmartAsset Blog.
FMX vs. BROS: Which Stock Is the Better Value Option?
Gilead (GILD) delivered earnings and revenue surprises of 11.33% and 12.24%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
Car maker Ford's fourth-quarter earnings per share missed analyst forecasts. The operating-profit outlook met expectations, however.
