Its strong algorithms and highly accurate predictive risk models provide support to insurers and other auto industry-related sectors
SANTA CLARA, California, May 28, 2019 /PRNewswire/ -- Based on its recent analysis of the North American mobility platform enabler market, Frost & Sullivan recognizes Zendrive, Inc. with the 2019 North American Technology Innovation Award. Zendrive's solution is an end-point-agnostic mobility software platform that requires no hardware, dongle, or any linked peripherals for operation, other than the consumer's smartphone. It lowers collision risk by up to 49 percent among drivers by powering a 59 percent reduction in distracted phone use and a 21 percent reduction in speeding. Its powerful algorithms and IP, along with investments in disruptive technologies and strategic partnerships, make it a key player.
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"Zendrive's hardware-agnostic, go-to-market software platform offers valuable support to sectors related to the automotive industry such as insurance and financing, aggregators, and onboard diagnostics (OBD)-II suppliers," said Benson Augustine, Sr. Research Analyst. "It has collected ten times more driving data than the largest insurers in the world, allowing it to power a predictive risk model that is six times more accurate than the industry average. Insurers using Zendrive for full-stack digital transformation have experienced rapid improvements in loss ratio, and so far the company's patented crash detection algorithms have been deployed on 10's of millions of devices worldwide."
Zendrive has four main industry affiliations: insurance providers (banking and financial institutions), fleet and fleet maintenance (auto servicing), smartphone applications (mobility and family safety), and wireless carriers (telecom). It analyzes real-time auto data points for speeding, hard braking, aggressive acceleration, and distracted driving. Its algorithms effectively detect and distinguish a driver's smartphone from a passenger's smartphone, without the need for any secondary device.
Furthermore, in the event of a collision, the software platform can notify roadside assistance (RSA), the driver's and passengers' families, 911, and insurance companies. Its highly tested and tuned actuarial risk models help insurance companies assess risk profiles, package services, and create products based on driving behavior analysis. These features are pivotal in helping fleets gamify and improve driver behavior. Moreover, Zendrive has robust scalability potential because it scales its existing business through partnerships with network carriers.
"The platform's algorithms currently run atop 180 billion miles of data to provide user-specific insights based on strong data science pattern analysis algorithms. This dataset increases by an additional 11 billion miles monthly," noted Augustine. "Overall, its growing native-app-based installations, direct-to-enterprise (D2E) business model, and vision to enable companies in the autonomous mobility space through its algorithms position Zendrive for robust growth."
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
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About Zendrive, Inc.
Zendrive is a mission-driven company working to make roads safer with data and analytics. Powered by the world's largest data set of more than 180 billion mobile driving miles, Zendrive uses AI and machine learning to improve fleet safety and help insurers accelerate their digital transformation. Zendrive's patented algorithms and precise insights help fleets reduce collision risk by up to 49%, adding millions to their bottom line. World-class insurers rely on Zendrive to price risk in real-time, dramatically improving their combined ratios with cutting-edge offerings. Zendrive has 10's of millions of users and partners spread across every continent.
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SOURCE Frost & Sullivan