High Definition Vehicle Insurance Group is expanding its product portfolio with the addition of HDVI Shift, the dynamically priced trucking insurance coverage that allows fleets to save up to 12% on their monthly premium based on real-time driver safety.
HDVI Shift is compatible with a range of telematics devices and is provided to fleets alongside HDVI’s proprietary data, software tools and apps. Fleet managers are provided real-time safety insights through the fleet portal, while drivers are engaged with safety information through the HDVI Driver+ mobile app.
With insurance backed by the carriers that are part of Munich Re Specialty Insurance, HDVI provides fleets with the data, tools and coverage needed to reduce insurance costs, increase safety, mitigate risk and improve efficiency, HDVI officials said in a press release.
HDVI raised $32.5 million in Series B funding. The round was led by Weatherford Capital, with new investors Daimler Trucks North America and McVestCo, and continued participation from Munich Re Ventures, 8VC, Autotech Ventures and Qualcomm Ventures LLC.
“The rising cost of insurance is a significant pain point for our fleet customers today, and providing better insurance solutions that are truly integrated with vehicle ownership life cycles and usage is an important initiative for Daimler Trucks North America and Daimler Truck Financial Services,” said Richard Howard, president and CEO of Daimler Truck Financial Services North America & Asia. “HDVI’s unique approach to insurance demonstrates their commitment to bringing fleets the technology, data and services they need to improve their business operations and impact their bottom lines. We look forward to working with HDVI to bring innovative connected insurance solutions and more to Daimler Trucks customers and the broader transportation industry.”
The funds will be used for the continued development of new products and to fuel the growth of the company on a national scale.
HDVI is currently available in Illinois, Indiana, Minnesota, Ohio, Tennessee, Georgia, and Texas.