High Definition Vehicle Insurance is Named a Winner of 23rd Annual Chicago Innovation Awards

News provided by

High Definition Vehicle Insurance (HDVI)

Nov 19, 2024, 10:30 ET

CHICAGO, Nov. 19, 2024 /PRNewswire/ -- High Definition Vehicle Insurance (HDVI), a technology-first commercial auto insurance provider, was named a Chicago Innovation Award winner. This award recognizes the most innovative new products or services brought to market each year.

HDVI Shift™, an insurance solution created for commercial truck fleets that uses advanced telematics and data analytics to assess driver performance in real-time, was recognized by an expert panel of Chicago Innovation judges for its unique ability to help improve roadway safety and drive significant premium discounts for its customers.

"The Chicago region continues to be a global leader in innovation," said Tom Kuczmarski, co-founder with Chicago journalist Dan Miller of the awards. "The 2024 winners are solving unmet needs and making a difference in healthcare, finance, the environment, artificial intelligence, education, consumer products, energy, manufacturing, social services, economic development, food, and government."

Despite the widespread adoption of technology that captures detailed data on routes, miles, driver behavior, and risk, traditional truck insurers too often ignore this valuable information, relying instead on outdated risk assessment methods and frequent premium hikes to protect their profits. That puts small to medium-sized fleets at significant risk, given their tight operating margins and vulnerability to costly accidents or rate hikes.

"HDVI was founded to solve these challenges by leveraging telematics data throughout the policy lifecycle, offering better risk selection, pricing, and a long-term competitive advantage," said HDVI Chief Product Officer Merredith Lewis. "We built a comprehensive risk model using data from ELDs and dash cams, leveraging 4 billion miles of telematics data. By focusing on safety data and offering personalized service through our fleet services team, we help customers reduce risk and confidently offer them discounts up to 20% on premiums each month during the policy period based on actual safety performance."

Ninety percent of HDVI customers have improved in areas like speeding or hard braking, with 77% seeing improvement in their first quarter with HDVI. By the end of their first policy term, many fleets have reduced predicted crash rates by nearly 10%. Safety performance improvements helped HDVI customers save $1.1 million in their insurance premiums during 2023.

HDVI also earned the Lessen Entrepreneurial Spirit Award, which is annually presented to one of the Chicago Innovation Award winners that is experiencing fast growth and disrupting its industry.

"HDVI is honored to be among the Chicago Innovation Award winners," Lewis said. "This recognition underscores the hard work and dedication of our entire team to drive innovation in the insurance industry and reaffirms our mission to transform the way insurance supports fleet safety and efficiency."

The company has secured backing from worldwide leaders in their respective industries that provide unmatched global financial power and strategic product development and distribution opportunities, including Weatherford Capital, Daimler Trucks North America, Munich Re Ventures, Qualcomm Ventures LLC, 8VC, Autotech Ventures and McVestCo

"As a group, the 350 organizations nominated for this year's awards are responsible for generating over $4.2 billion in new revenues and creating nearly 6,000 jobs," said Luke Tanen, President and CEO of Chicago Innovation. "The winners represent the best from this very impressive group."

The complete list of this year's Chicago Innovation Award winners can be found at www.chicagoinnovation.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, reward safe driving, and benefit from efficient and fair claims processing. HDVI is headquartered in Chicago with additional offices in Greenville, South Carolina; Columbus, Ohio; Portland, Oregon; Dallas; and San Francisco. High Definition Vehicle Insurance, Inc. is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, visit https://hdvi.com.

SOURCE High Definition Vehicle Insurance (HDVI)