For fintechs, insuretechs, banks, insurance companies, and much of the financial world, the future lies in successful and smart collaborations.
As incumbents work to catch up and adapt in a digital world, the race is on to stay relevant with new generations of consumers and their changing preferences, engage with them more seamlessly and effectively, and provide additional value through new products and services. An all-in-one solution to meet those requirements calls for creativity and innovation, and is often attainable through strategic partnerships.
“It’s this growing understanding of customer needs that has rapidly driven innovation for both incumbents and startups – to rethink product development.”- The One Brief
With this in mind, Zendrive is leveraging its Insurance Qualification Lens (IQL) solution to expand its ecosystem of sustainable partnerships and solve big problems for consumer apps in fintech and home security, insurers, and consumers alike.
Zendrive’s IQL solution connects a network of fintechs, home security apps, and other consumer brands with top tier insurers through its Mobility Risk Intelligence (MRI) platform. The MRI platform gives all partners access to massive amounts of global driving data.
And much can be done with that driving data. With the IQL solution specifically, consumer apps, including fintechs and home security players, provide their users with a new and engaging experience: a 30-day test drive that would allow them to potentially save hundreds on their auto insurance. Users sign up for the experience directly in the app.
During the entire test drive experience, Zendrive assesses users’ driving behavior and scores them based on how they drive, offering them real-time insights to keep them safe as they go. If users drive well enough and meet specific criteria, partnering insurers offer them an auto insurance quote based on how they actually drive, and not based solely on traditional insurance scoring factors like age, location, gender, etc.
Users or consumers benefit from a lower insurance rate that’s more fairly and accurately priced; consumer apps benefit from providing an additional service to their users, and the revenue that comes from it; and insurers benefit from acquiring preferred risk drivers. Win-win-win.
For app publishers specifically, all of that may sound great, but when it comes down to actually working with Zendrive and implementing a suitable IQL program that works for you — well, you may still have a few questions.
We’ve gathered and answered some of the most frequent questions we get from interested fintechs, home security companies, and other consumer app brands that want to join Zendrive’s IQL ecosystem. Here’s what to know.
A: No, the app publisher is not entirely responsible for building the whole experience. In most cases, interested partners already have an app, and Zendrive helps them build the IQL experience within their app as a new program they’d roll out to their current users.
More specifically, Zendrive provides publishers with reference codes to create the test drive experience, which expedites the go-live process. The reference codes handle all of the business logic, how to integrate with Zendrive’s APIs, and design references (design of all components). Zendrive also provides an IQL reference app to understand how the entire experience could look.
A: We make it easy through Zendrive’s SDK documentation. Our team relies on self-serve integration, in the sense that publishers can create an experience that’s as self-serve as they’d like. All of the resources are made available for publishers to go at their own pace, with a high degree of visibility into what the integration looks like. However, Zendrive also offers hands-on support as needed.
Zendrive offers all API & SDK documentation, and code references that come with user guides & tutorials. We even provide technical workshops with our engineers to review code, which is a hands-on experience for all. Lastly, we’ll be releasing a more robust IQL integration guide and testing plan to make it very easy to plug-and-play, and then test to ensure the program is functioning correctly.
A: Zendrive’s APIs and engagement webhooks feed the test drive experience from the back-end, which helps ensure that the user experience is as smooth as possible during the test drive.
For example, if a user doesn’t have his or her location permissions turned on (a requirement for the program), Zendrive’s webhooks can help the publisher send out a reminder message to the user, which in turn helps to improve the conversion rate during the test drive, as the user gets properly enrolled. Webhooks can help notify publishers in general when something occurs that needs to be addressed.
In addition, Zendrive’s APIs and webhooks provide extra utility and create excitement around the program. Driver statistics let users know, for example, that they drove 10 trips and how they’re doing so far. Perhaps they’re not hard braking or speeding, but they may be using their phone while driving (distracted driving). These statistics or insights about how users drive can be offered through coaching programs or via gamification.
APIs are always available to publishers, and code references will make the implementation process easy. Zendrive provides a default plan around customer engagement that publishers can use, but if they want to be more sophisticated and proactive, publishers can even create customized engagement solutions with Zendrive’s team that might include an eclectic channel mix (emails, SMS, and push notifications) to help boost engagement.
To end with some great news: we’ve heard from publishers that the IQL experience can bring users to their apps more frequently than they would have otherwise, which helps strengthen the customer experience and engagement overall.
A: Zendrive offers our publishers a detailed Publisher Playbook, which helps with and provides examples of everything from program messaging to engagement channels and cadence, UX design, and more.
A: Prior to implementation, we offer the reference codes, APIs, and webhooks mentioned above, which ultimately helps the increase conversion and overall success of the program.
In addition, Zendrive shares a full breakdown of the in-app experience to publishers. We provide guidance to drivers during the test drive, sharing insights on driving behavior and their odds of getting an insurance discount. This feedback helps drive safer and in turn increase their likelihood of getting a discount, boosting the overall conversion rate and, of course, publisher revenue.
Zendrive also offers features like Heartbeat, which shows drivers who are active and inactive during the test drive period (and webhooks can help send out reminders to those who are inactive to improve conversion rates).
Lastly, we share post-launch analytics with our publishers. More specifically, we provide information on how different cohorts of users are driving, so publishers can keep track of the performance of the program.
Our launch dashboard shows granular metrics right out of the gate, then following program launch, we transition to a full dashboard where publishers can closely review funnel metrics and work with us to optimize the experience. We’ve also built a test & learn framework to help with launch strategies for publishers (for example, depending on the audience, our team might recommend a partial program roll-out versus a full roll-out at the start).
A: The dedicated customer success team at Zendrive. We hold regular performance review sessions, conduct dashboard reviews, and in general provide strong customer support that our publishers can fully rely on.
A: Data privacy & security are paramount to Zendrive’s MRI platform, which handles massive amounts of driver information. Partnering app publishers benefit from the fact that we don't collect PII, ensure users opt-in to test drives, and utilize edge computing. Learn more about our process here.