The team at Zendrive is honored to have been named a 2021 Insurance Innovator by PropertyCasualty360 for our Insurance Qualification Lens (IQL) solution.
This new award program, which recognizes progress in numerous key categories including technology innovation, customer experience innovation, and risk management innovation, matched our own priorities perfectly and we’re glad to have been included in its inaugural year.
Our IQL solution is solving a multi-billion dollar problem for the auto insurance industry by helping insurers identify and acquire ultra-preferred risk based on their qualification criteria. It utilizes our vast publisher network to provide embedded test drive experiences to millions of users, allowing them to qualify for special discounts based on their driving behavior.
The solution then evaluates driver risk after each test drive and give publishers the opportunity to offer a personalized quote to qualifying drivers all within an existing insurer app. Zendrive Founder and CEO Jonathan Matus said,
“The insurance industry is ripe for innovation, yet often slow to accomplish it. I applaud PropertyCasualty360 on their efforts to bring attention to the companies and partnerships moving the industry forward. I’m extremely proud of the results our IQL program has driven for our valued partners and look forward to building on the program as we find new ways to experiment and innovate this antiquated system.”
Using the IQL solution to acquire the safest drivers allows insurers to price risk accurately and reduces the reliance on unfair risk proxies such as age, gender and credit score. It also enables insurers to improve their book of business over time, which helps them improve their combined ratios in a sustainable way.
Zendrive’s unique AI and machine learning-powered program has already paid dividends for Progressive, which is using our IQL solution to power the Karma Drive experience within the Credit Karma app.
This embedded insurance experience didn’t require any hardware to implement and works solely through the smartphone app, allowing users to take a driving test within an app they already trust and use.
Within the past six months, the program has helped Progressive acquire tens of thousands of safer drivers. It was this case study that helped us achieve a PropertyCasualty360 Insurance Innovator win.
“Zendrive is helping us extend personalized auto insurance savings to millions of Credit Karma users with the use of smartphone telematics data,” said Rory Joyce, General Manager Autos, Credit Karma, earlier this year. “After carefully reviewing other tech providers, we decided to partner with Zendrive based on their quality of data, privacy-centric infrastructure, and the ability to enable high-quality in-app experiences.”
The Zendrive team is proud of our innovative solutions that are driving tangible results every day for insurers. Partners have already seen first hand how setting up a driving score threshold can automatically disqualify the bottom 20% of drivers, which in turn can help increase profitability by over 42%. It also reduces the customer acquisition cost significantly — up to 2-4X — as the insurer only pays for leads that opt-in for a test drive experience.