Intuit acquires technology from Zendrive

Today, Intuit announced that it has signed an agreement to acquire technology from Zendrive, a leading mobility risk intelligence provider. Select Zendrive employees, including CEO Dennis Ellis and co-founder and CTO Pankaj Risbood, will join Credit Karma to accelerate innovation and adoption of its usage-based auto insurance product, Karma Drive.

Credit Karma members can choose to participate in trials where they receive real-time feedback on their driving and see potential discounts before they buy insurance, all made possible by telematics. Putting discount opportunities at the forefront of the insurance buying experience, before members buy insurance, gives them more choice and certainty about what they pay while incentivizing them to be safer drivers. This is always done transparently and with member consent. The telematics-driven Karma Drives model has resulted in more than 4 million discounted insurance offers for Credit Karma members and, with member consent, has the potential to give insurers greater visibility into driving behavior that is more predictive of driving risk than traditional attributes such as a driver's credit score.

“Insurance premiums have risen dramatically, and Americans are looking for ways to minimize driving costs in this high-inflation environment,” said Joe Kaufman, president of Credit Karma. “Karma Drive provides members with personalized discount offers based on their safe driving habits, without having to purchase insurance up front. Leveraging Zendrive's technology and expertise, we aim to make usage-based auto insurance more accessible than ever before, bringing transparency, fairness and accuracy to auto insurance pricing for consumers, and providing insights into driving behavior.”

Credit Karma has partnered with Zendrive since launching Karma Drive over three years ago. To date, the Karma Drive program has more than 6 million members enrolled.

“Zendrive's mission is to make the roads safer through data and analytics, and we pride ourselves on delivering experiences that help raise awareness of safe driving habits,” said Zendrive CEO Dennis Ellis. “Intuit's customer-focused culture is a great fit for our team. Together, we will create an environment where all Americans have access to fair insurance based on their driving habits, not their financial situation.”

Intuits' mission is to drive prosperity around the world, and the company has an audacious goal of doubling its customers' household savings rate by 2030. As Americans look to minimize driving costs in this high-inflation environment, this transaction deepens Intuits' insurance investments and enables Credit Karma members to achieve significant savings on their premiums.

Intuit expects to close the transaction in the fourth quarter of fiscal 2024. Terms of the transaction were not disclosed.

For more information, see the Credit Karmas blog.

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