Fairmatic is the first true performance-priced commercial auto insurance that rewards safe driving. It’s re-priced monthly based on your drivers’ safe performance, and gives you real-time visibility into each one’s unsafe driving behaviors. As your fleet improves their safety scores, you could see your rate go down every month.
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Fairmatic looks at how safely your fleet actually drives when calculating your insurance rate (as well as other traditional factors like miles driven and number of cars in your fleet). Every month, your price is recalculated to reward your safety improvements. Fairmatic’s technology sits on your driver’s existing phone, so no extra hardware is needed. It measures the driver’s risky behaviors, such as phone use, excessive speeding, aggressive acceleration, and hard braking, then uses these to create a safety score. This score represents some of the safety-related components of your insurance prices, which can be improved by guiding risky drivers and/or replacing those most at-risk for getting into collisions. Fairmatic then analyzes their driving over time to recalculate your price on a monthly basis. To help you increase your score, Fairmatic identifies the drivers who need help and provides you with tools to improve their behavior. For example, this study showed that using these tools to coach your worst 25% of drivers can help reduce the likelihood of a collision by as much as 49%.
Because Fairmatic’s pricing is based on how safely your drivers actually behave on the road, there needs to be technology to measure that. Integrating the technology into your existing driver app means that instead of hardware to distribute, install, and maintain, Fairmatic can just use the sensors of the smartphones your drivers already have to measure phone use, speeding, and more. At this time, Fairmatic requires you to have your own driver app. (No app? Email us, and we’ll get in contact when Fairmatic can work for you, too.) It uses Zendrive technology for measurement, and your Fairmatic representative can get you a Zendrive engineer to help you with your integration, which usually takes less than an afternoon.
Fairmatic insurance uses your drivers’ actual mileage and safety performance in its pricing calculations, so being able to record this information on each driver is key. We do this through a one-time integration of the Zendrive software development kit (SDK) into your driver app, which supports Android phones on Ice Cream Sandwich+ or Apple devices running iOS 9.0+. Zendrive is one of the largest and fastest-growing smartphone driving analytics platform on the planet with over 100 billion miles of driving data on over 26 million drivers. It’s the technology layer behind Fairmatic. The Zendrive SDK accesses the sensor data already available through each of your driver’s smartphones to analyze behaviors such as risky phone use, aggressive acceleration, excessive speeding, and hard braking. It also detects collisions and additional driver-related data such as miles driven, location, time of day and road type. The Zendrive team provides end-to-end technical support for the SDK integration to make the process seamless for Fairmatic clients. For more information on the SDK, please see our Developer page.
Other insurers lock you into a high annual rate and make you bear the cost for other fleets’ bad driving behavior. Fairmatic takes a different approach. We recalculate your rate-per-mile every month based on your actual safety performance. You save when your drivers are safe, avoiding risky behaviors like phone use while driving, speeding, and aggressive accelerations or decelerations. The technology behind Fairmatic, Zendrive, also has a suite of tools for fleet managers and drivers to both measure and improve driving behavior and, therefore, insurance rates. This means you have much fuller transparency into your price, and the power to improve it.
Fairmatic uses your fleet’s safety score, miles driven, and several other factors to calculate your premium every month. Assuming the fleet has no major changes, the average fleet premium price varies between 3% to 8% or less each month. While the needs of your business will determine the number of drivers covered, miles driven, and so on, you can control your safety score by using Fairmatic’s technology to identify and guide your worst drivers toward improvement. An average fleet could save up to 33% on their premiums after a year of guidance and other safety improvements, assuming no other major fleet changes.
Fairmatic gives you the tools to identify your riskiest (and most expensive!) drivers, and to offer them guidance. The best way to lower your insurance rates are to focus on the riskiest 25% of your drivers, since studies have shown that they usually account for 53% of all collisions. We identify the key behavioral characteristics that make each individual driver risky, like tendencies towards unsafe phone use while driving or speeding. We then help you construct personalized messages to these drivers through our dashboard. A recent study showed that coaching drivers to reduce these unsafe behaviors improved their safety scores by 10-12 points, and resulted in a 49% reduction in risk.
Fairmatic is a partnership between Fair American Select Insurance Company (FairCo), an A+ rated specialty insurer founded in 2013, and Zendrive, the world’s first smartphone-powered driving safety analytics and insights platform, and its affiliate ZD Insurance Services LLC. Together they offer the very first true performance-priced commercial auto insurance plan to US customers. Fairmatic, a completely new type of insurance, was created byFairCo’s deep knowledge of insurance and Zendrive’s analytical capabilities. Only Fairmatic uses technology to show your drivers’ performance in real time, and recalculates your premium accordingly every month. This innovation gives you unprecedented control over your costs. Fairmatic is underwritten by partners who have over 230 years in business and $40 billion in assets, so you can be confident you’re covered by the best.
Today, Fairmatic is available for On Demand Network Delivery Companies (ODNC), Transportation Network Companies (TNC), Service/Artisan Contractors (Light Business Auto <25K lbs), Amazon DSPs and Last Mile Delivery, Cannabis Delivery and Non-Emergency Transport (NEMT) companies based in the USA.
If you are interested in Fairmatic, drop us a note at firstname.lastname@example.org.
Fairmatic’s technology layer, the Zendrive SDK, relies on anonymized data and does not retain driver information. All driver data is assigned a random alphanumeric identifier that cannot be traced back to the individual driver. Zendrive does not hold any personally identifiable information (PII). Instead, PII lives on the client side, so you’re the only one with full access to this data.
Your Fairmatic representative can assign you a Zendrive engineer to help with integration. Contact them directly, or email email@example.com.
For general insurance questions or help with your Fairmatic policy, please contact your broker.