Daimler Trucks North America Invests in Trucking Insurance Startup
Daimler Trucks North America (DTNA) is making a strategic investment in High Definition Vehicle Insurance (HDVI) Group, a startup specializing in commercial auto insurance for the trucking industry. The company’s innovative methods, which analyze real-time driver behavior via telematics, are expected to aid fleets in significantly lowering their insurance expenses.
DTNA, based in Portland, Oregon, partnered with investment firm McVestCo and lead investor Weatherford Capital, along with existing supporters such as Munich Re Ventures, 8VC, Autotech Ventures, and Qualcomm Ventures LLC, to raise $32.5 million in a Series B funding round for HDVI. This follows a previous Series A funding of $16 million in 2020.
HDVI, headquartered in Chicago, plans to utilize the new funds to continue developing its product offerings and to expand its operations nationally. Currently, HDVI’s services are available in seven states: Illinois, Indiana, Minnesota, Ohio, Tennessee, Georgia, and Texas, with plans to enter additional markets.
Among HDVI’s products is HDVI Shift, which provides “dynamically priced trucking insurance coverage,” allowing fleets to achieve savings of up to 12% on their monthly premiums based on real-time safety metrics. This product is compatible with various telematics devices and comes with HDVI’s proprietary data, software tools, and applications.
Fleet managers can access real-time safety insights through a dedicated portal, while drivers can engage with safety updates and other information via the HDVI Driver+ mobile application, according to the company.
Richard Howard, president and CEO of Daimler Truck Financial Services North America & Asia, stated, “The rising cost of insurance is a significant pain point for our fleet customers today. Providing improved insurance solutions integrated with vehicle ownership and usage is a key initiative for us.” He emphasized that HDVI’s unique approach showcases their dedication to offering fleets the necessary technology, data, and services to enhance their operations and financial outcomes. DTNA looks forward to collaborating with HDVI to deliver innovative connected insurance solutions to customers and the wider transportation sector.
