Getaround Launches AI Based TrustScore v2.0 to Enhance Profitability and Carsharing Marketplace Safety
Continuing its path to profitability, a new AI risk engine expected to yield up to 50% cost savings in insurance and claims
Getaround, the world’s first connected carsharing marketplace, announced Getaround TrustScore v2.0, a proprietary next-generation artificial intelligence (AI) model to improve the safety and economics of its carsharing marketplace. Preliminary results indicate a cost savings of up to 50% of claims and insurance expense — one of the Company’s largest cost centers.
AiThority Interview Insights: AiThority Interview with Alex Mans, Founder and CEO at FLYR Lab
“Getaround has an image of being the pioneer in carsharing and stands out as a tech savvy company who supports their hosts. I put my first car on the platform 10 years ago and have been aggressively growing my fleet ever since”
Getaround TrustScore v2.0 combines machine learning with over a decade of data from trips taken on its platform to provide optimized pricing and security deposits for each carsharing trip. With Getaround TrustScore, the Company is able to more accurately price risk on trips, provide upfront transparency for what guests should expect to pay while reducing insurance costs. Getaround TrustScore anticipates that insurance and claims costs will be reduced by up to 50% using the next-generation AI system.
“We are thrilled to roll out the latest version of our Getaround TrustScore after several months of testing our new AI model — to create safer and more desirable carsharing experiences that elevate carsharing from traditional rental models and car ownership,” said Sam Zaid, CEO and Founder of Getaround. “Getaround TrustScore v2.0 enables us to further improve guest and host satisfaction, while concurrently helping to drive our bottom line with expected insurance and claim costs reductions of up to 50%. This strategic, next-generation AI model reduces costs associated with offering carsharing and unlocks increased earnings potential for our hosts and improved availability of vehicle options for guests. With TrustScore 2.0 and the recent HyreCar acquisition, Getaround continues to make smart, strategic investments to drive our path to profitability and long-term carsharing category leadership.”
Read More about AiThority Interview: AiThority Interview with Elliott Jobe, Chief Innovation Officer and Co-Founder at Infinite Reality
Getaround recently closed on the acquisition of substantially all of the assets of HyreCar, a premier gig carsharing marketplace.
“Getaround has an image of being the pioneer in carsharing and stands out as a tech savvy company who supports their hosts. I put my first car on the platform 10 years ago and have been aggressively growing my fleet ever since,” said San Francisco-based host, Alfonso Acevedo. “By implementing the new TrustScore, Getaround is working to reduce costs, potential car damage, and overall, prevent headaches for its hosts. I’m looking forward to continuing to work with Getaround as they advance their trust and safety offerings.”
Getaround and its patented Connect® technology provide contactless, 24/7 access to shared vehicles on its platform, by enabling users to unlock the car via the Getaround app without having to wait in line or pick up keys. Individuals can instantly book the shared vehicles for any span of time, from one hour to weeks, perfect for local trips including going to the grocery store, attending a meeting, or longer excursions.
Privately owned cars are typically parked 95% of the time and are only actively being used roughly six hours per week. For the remaining 162 hours of the week, most cars stay parked and idle. Peer-to-peer carsharing platforms like Getaround mean fewer cars on the road: studies show that, on average, one carsharing vehicle replaces nine to 13 vehicles.
Latest AiThority Interview Insights : AiThority Interview with Dorian Selz, Co-Founder & CEO at Squirro
[To share your insights with us, please write to email@example.com]