ZENDRIVE BOLSTERS LEADERSHIP TEAM TO MANAGE GROWTH, SPINS OUT COMMERCIAL INSURANCE START-UP

Co-founder Pankaj Risbood appointed CEO to manage next growth phase

Co-founder Jonathan Matus becomes Zendrive Chairman and CEO of Fairmatic

SAN FRANCISCO, Aug. 31, 2022 /PRNewswire/ -- Zendrive , the insurance industry's leader in Mobility Risk Intelligence, today announced the spin-out of a new commercial insurance company, Fairmatic, which is leveraging the company's data to rewrite the business model of commercial fleet insurance. With Zendrive bucking industry trends with five additional consumer apps recently added to its network, co-founder and Chief Technology Officer (CTO), Pankaj Risbood has been appointed as the new Chief Executive Officer (CEO) to manage the company's next growth phase as it eyes other corporate development opportunities, with Co-founder and CEO Jonathan Matus transitioning to Chairman of the Board and founding CEO of Fairmatic.

Since its inception, Zendrive's leading Mobility Risk Intelligence (MRI) platform has analyzed over 200 billion miles of data gathered from hundreds of millions of users across the globe. It has also detected hundreds of thousands of real-world collisions, making it the world's most accurate and robust smartphone-centric telematics provider and a major force in saving lives on the road.

Risbood has been assuming broader corporate responsibilities since the beginning of this year, he now formally assumes the title of CEO. Under his leadership, the company has added 50M users to its network in the US alone. His background in leading engineering and growth at Walmart and Google positions him well to take Zendrive through its next growth phase.

"I'm delighted to be taking over as CEO to help the company expand further by offering tailored solutions across the entire customer insurance lifecycle," said Pankaj Risbood, co-founder and CEO. "Our vision remains to help make insurance fairer and smarter through our partners while making roads safer for consumers. We will announce more corporate development initiatives and partnerships in the coming months."

"With Zendrive's success in transforming insurance data and analytics, I'm now focused on transforming one of the biggest sectors, commercial insurance," said Jonathan Matus, co-founder, and Chairman of the Board. "I leave Zendrive in Pankaj's extremely capable hands and look forward to continued growth and success for Zendrive and Fairmatic."

Zendrive is powered by the world's largest and fastest-growing proprietary mobility data set, which comprises over 200 billion miles of analyzed data to date—and scores driving

characteristics using industry-leading AI and machine learning algorithms. The company's AI platform enables smartphone-centric driving behavior solutions capable of generating risk models 10x more predictive of risk than industry standards while informing users about their driving behavior and delivering feedback via smartphone apps

" Zendrive continues to leverage its industry-leading platform to develop new business models while staying core to its mission of making driving safer for all of us," added Brian Yee, Partner at ACME Capital and board member of Zendrive. " Given the traction and scale of Zendrive's insurance business, we felt it was the appropriate time to spin out Fairmatic to maximize value for both companies."

For more information about Zendrive, visit Zendrive.com 

Zendrive's mission is to make roads safer through data and analytics. Its award-winning Mobility Risk Intelligence (MRI) platform — powered by 200 billion miles of data gathered from 100s of millions of drivers across the globe — helps insurers understand and mitigate mobility risk, reducing the likelihood of collisions by 49%. The platform also helps insurers find and acquire preferred risk drivers through Zendrive's vast publisher network with access to hundreds of millions of users. With an engaging test drive experience, participating consumer applications deliver savings to their customers while also diversifying revenue streams. The company has been recognized as one of Fast Company's Most Innovative Companies and won the 2017 Best Startup in San Francisco award.

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Consort Partners for Zendrive

SOURCE Zendrive

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