Trucking is a key market for the U.S. economy, but a number of driver mistakes, such as utilizing cellphones while driving, have actually made it difficult for trucking business to supply its fleet with insurance protection that is both cost efficient and offers value.
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Enter Hd Automobile Insurance, HDVI, a start-up that helps small and mid-size trucking fleets improve their safety, compliance and operations. The business provides its product through premium telematics and an incorporated suite of software application and services at the exact same rate or much better than conventional insurance companies.
To advance its mission, the business automobile insurance coverage service raised its first equity capital of $16 million in Series A financing led by 8VC and Munich Re Ventures, with extra involvement from Qualcomm Ventures and Autotech Ventures.
The industry is in need of innovation, as insurers battle to make a profit and trucking fleets pay substantial amounts of cash, but don’t see value beyond the core insurance coverage item, Wallace, CEO of HDVI informed Crunchbase News.
“We are restoring the insurance company from the ground up with advanced data and technology that incumbents have trouble availing themselves of,” he included. That innovation includes telematics, computer vision electronic cameras, electronic logging gadgets, ingrained systems, and third-party information.
HDVI will utilize the funding to scale development and broaden its item offering, including brand-new staff members, releasing into brand-new states, and including technology features for agents, fleets and drivers.
The company is already writing policies in Tennessee and Alabama, and is concentrated on broadening into the Midwest and Southwest. It currently has 25 staff members with a target to be at 35 by the end of the year.
“These are difficult organisations to run, and they do struggle to incorporate telematics to improve security and better driving coaching and feedback so they can enhance compliance,” Spitz said in an interview. “We analyze the data and bring it back to them and interpret the data so they can run efficiently and much safer.”
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Blogroll illustration: Li-Anne Dias