San Francisco (PRWEB) May 21, 2015
Zendrive, the leader in driver analytics for the on-demand economy, announced today it has partnered with Guild, a new insurance platform for the collaborative economy, to provide a first-of-its-kind insurance policy at deep discounts to on-demand fleets using Zendrive technology for dynamic pricing based on safe driving.
The new insurance coverage is specifically designed for on-demand fleets, such as ride-sharing and last-mile delivery services, and will be written by Guild through major commercial fleet insurers. It is expected to be available in the fall exclusively to on-demand fleets using Zendrive’s ZenFleets service.
"The growth of ride sharing, car sharing and bring-your-own-vehicle delivery services has created a dynamic, new on-demand economy, which is growing quickly,” said Jonathan Matus, CEO of Zendrive. “One of the challenges for such on-demand fleets is getting proper insurance that is priced fairly. This is because commercial insurers have little experience pricing risk for these types of fleets.”
Today’s announcement by Zendrive and Guild means on-demand fleets will have access to much better pricing than is currently available through traditional insurance policies. “Upon permission of fleets, insurers can now use real driving data to effectively and fairly price risk for on-demand fleets, so everyone wins,” Matus explained. “On-demand fleets get rewarded for safety with significant discounts and insurers get data to accurately rate policies for such fleets.”
“Insurance carriers do not now have sufficient data to feel comfortable assessing the risk of these new transportation fleets,” said Greg Golkin, co-founder of Guild. Jim Fisher, Chairman of Guild, added, "To create the right pricing model, carriers need technology that monitors and assesses driver risk and a standard that’s designed for on-demand fleets. In partnering with Zendrive, we are getting not only this standard and technology, but also access to the safest on-demand fleets."
This new commercial auto insurance coverage will be exclusively available for fleets using ZenFleets to control driving risk. Using the ZenFleets data, Guild expects to be able to provide up to a 20% saving over current policies. The new policy, which is expected to be available in the fall, is designed to create instant insurance savings for on-demand fleets using the ZenFleets service.
“This is a new type of fleet, and it only makes sense that a new type of policy will be designed especially for it,” explained Golkin. “We are focused on risk mitigation. The Zendrive technology provides us with an unprecedented ability to monitor and assess risk, and for fleets to prove their commitment to safety.”
On-demand fleets can sign up for the basic ZenFleets service on http://www.zendrive.com and immediately deploy the Mobile SDK to their entire fleet.
“ZenFleets offers on-demand fleets a quick and easy way to reduce insurance costs and improve fleet safety,” said Matus. “We are committed to making our nation’s roads and highways safer and are excited to partner with Guild to reward the safest fleets and drivers with better and more fairly priced insurance through collaboration with the best commercial insurers.”
Founded in 2013 and based in San Francisco, Zendrive makes driving better, safer and more efficient for everyone through improved data and analytics. Using mobile technology and big data, Zendrive’s flagship service -- ZenFleets -- brings driver-centric analytics to the On-Demand Economy, including rideshare, carshare, taxi, valet and last-mile services. Zendrive Accident Detection is the company’s newest service. Investors include First Round Capital, BMW i Ventures, Bill Ford’s Fontinalis Partners, as well as founders of Yahoo, PayPal and GenRe reinsurance. For more informatioh about Zendirve, visit http://www.zendrive.com and follow @zendrive on Twitter.
Guild is a platform to learn about insurance and find coverage options for the collaborative economy. It aims to help build a global community of entrepreneurs and individuals acting as peers. Guild does this by making insurance accessible and simple, providing the resources to nurture the most important catalysts for growth: trust and safety. Guild was founded by a team underwriting experts and start-up veterans out of New York and San Francisco. The founders of Guild combine more than 80 years of insurance executive experience and a decade of start-up experience.