We are thrilled to share that Intuit, the global technology platform that powers leading consumer and business solutions like Credit Karma, Turbo Tax, QuickBooks, and Mailchimp, announced it has signed an agreement to acquire certain technology and assets from leading mobility risk intelligence provider Zendrive to accelerate the growth of Credit Karma’s Karma Drive program. This acquisition will help Zendrive make its technology accessible to tens of millions of Credit Karma users, taking a major leap in its mission to make roads safer through data and analytics.
At a time when auto insurance premiums have increased 22% since last year, owning and insuring a vehicle has become extremely expensive for most drivers in the U.S. Karma Drive gives members access to discounts based on safe driving habits. It simplifies insurance by incentivizing safe driving without requiring drivers to first purchase an insurance policy. With almost 44% of Americans lacking the ability to pay for $1,000 emergency expenses, these discounts can provide significant financial relief to most drivers in the U.S.
Since its inception three years ago, the Karma Drive program has revolutionized the auto insurance industry, yielding discounts to over 4 million policyholders. Unlike other telematics programs, Karma Drive allows users to opt in, gain behavioral insights, and view the discounted premium before purchasing the policy, ensuring transparency and fairness for all participants.
As a result of this acquisition, Dennis Ellis, the CEO, and Pankaj Risbood, the founder and CTO, and the majority of Zendrive's technical teams will join the Credit Karma team to help make usage-based auto insurance more accessible than ever. Zendrive’s founders and the team are excited about the journey ahead and look forward to working closely with the Credit Karma team. Zendrive will continue to operate and serve its existing customers.
If you need more information or have questions about this development, please don’t hesitate to contact us at press@zendrive.com.
