Intuit, a global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced it signed an agreement to acquire technology from leading mobility risk intelligence provider Zendrive.
Some Zendrive employees, including CEO Dennis Ellis and Co-founder and CTO Pankaj Risbood, will join Credit Karma to accelerate the advancement of its usage-based auto insurance product Karma Drive.
Credit Karma members can decide whether they want to participate in a trial where they receive real-time feedback on their driving and can view potential discounts before purchasing a policy, all powered by telematics. Offering discount opportunities at the front of the insurance shopping experience before members purchase a policy gives them more choice and certainty as to what they will pay while incentivizing them to become safer drivers.
Karma Drive’s telematics-driven model yielded over 4 million discounted policy offers for Credit Karma members and has the potential to give carriers better visibility, with member consent, into driving behaviors that are more predictive of driving risk than traditional attributes like a driver’s credit score.
Credit Karma has partnered with Zendrive since it launched Karma Drive over three years ago. Karma Drive has enrolled more than 6 million members in the program.
KEY QUOTES:
“Insurance costs have increased dramatically, and Americans are looking for ways to minimize driving expenses in this high-inflation environment. Karma Drive gives our members access to personalized discount offers based on safe driving habits, without first having to purchase a policy. With Zendrive’s technology and expertise, we strive to make usage-based auto insurance more accessible than ever and bring more transparency, fairness, and accuracy to consumer auto insurance pricing, while providing insight into their driving behaviors.”
- Joe Kauffman, president of Credit Karma
“Zendrive’s mission is to make roads safer with data and analytics, and we pride ourselves on delivering experiences that help create awareness for safe driving habits. Intuit’s customer-obsessed culture is a perfect match for our team. Together we will democratize access to fair insurance for all Americans based on their driving habits, not their financial situation.”
- Dennis Ellis, CEO of Zendrive
