Carsharing pioneer introduces use of insurance scoring data to improve TrustScore and reduce claims, Unlocks opportunity to offer increased guest incentives
Getaround (NYSE: GETR), the world's first connected carsharing marketplace, today announced a new innovative alliance with TransUnion (NYSE: TRU), a global information and insights company, to integrate TransUnion’s TruVision™ Traditional Auto Insurance Score for better risk assessment to both reward good drivers and improve the economics of the Getaround marketplace.
The innovation is a significant enhancement to the recently announced Getaround TrustScore, a proprietary, next-generation artificial intelligence (AI) model. TruVision Traditional Auto Insurance Score data enables TrustScore to make more precise predictions of guest driving behavior, thus helping Getaround increase the proportion of highly-rated drivers in its marketplace.
Once integrated and optimized, Getaround will be able to provide discounts and other incentives to guests who have high TrustScores. With this new feature in the TrustScore model, Getaround amplifies all existing benefits of Getaround TrustScore to guests and hosts, providing additional information to inform pricing for a carsharing trip on the Getaround platform, while also reducing the risk of accidents and insurance claims.
“Getaround is thrilled to work with TransUnion and bring its industry-leading insuretech data technology and services to the Getaround marketplace,” said Sam Zaid, CEO and Founder of Getaround. “The relationship with TransUnion will fortify Getaround TrustScore and create a safer, efficient and more reliable marketplace experience. This will benefit hosts seeking to leverage Getaround as a means to unlock additional sources of income by listing their cars on our platform, and prospective guests looking for a terrific alternative to legacy car rental providers.”
With Getaround TrustScore, the Company anticipates insurance and claims costs may be reduced by up to 50% using the next-generation AI system.
“TransUnion is proud to provide its TruVision Traditional Auto Insurance Score to Getaround,” says Mark McElroy, executive vice president and head of TransUnion’s insurance business. “This alliance is a textbook example of how TransUnion makes trust possible in the marketplace, enabling great experiences and personal empowerment for consumers.”
Booking a car may seem stressful, but it doesn’t have to be. Getaround and its patented Connect® technology provide 24/7 access to vehicles you can rent from other car owners conveniently located around the corner from your current location. Connect® enables users to unlock the car via the Getaround app without having to wait in line or arrange an in-person key exchange. Individuals can instantly book the vehicle 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 getaways.
Privately owned cars are typically parked 95% of the time and are only 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 help ease traffic in our cities: Studies show that, on average, one carsharing vehicle replaces nine to 13 vehicles on the road.
Offering a 100% digital experience, Getaround (NYSE: GETR) makes sharing cars and trucks simple through its proprietary cloud and in-car Connect® technology. The company empowers consumers to shift away from car ownership through instant and convenient access to desirable, affordable, and safe cars from entrepreneurial hosts. Getaround’s on-demand technology enables a contactless experience — no waiting in line at a car rental facility, manually completing paperwork or meeting anyone to collect or drop off car keys. Getaround’s mission is to utilize its peer-to-peer marketplace to help solve some of the most pressing challenges facing the world today, including environmental sustainability and access to economic opportunity. Launched in 2011, Getaround is available today in more than 1,000 cities across the United States and Europe. For more information, please visit https://www.getaround.com/.
TransUnion is a global information and insights company with over 12,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments, we’ve developed innovative solutions that extend beyond our strong foundation in core credit into areas like marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. transunion.com/business
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally relate to future events, such as statements by the chief executive officer of Getaround, statements regarding expected synergies, future financial results and other benefits of the use of TrustScore v2.0. In some cases, you can identify forward-looking statements by terminology such as “anticipates,” “expects,” and “may,” or the negative of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, many of which are beyond our control, including the possibility that our use of TrustScore v2.0 will not provide the expected benefits; and the other factors under the heading “Risk Factors” in our Current Report on Form 8-K filed with the SEC on December 14, 2022, and in other filings that the Company has made and may make with the SEC in the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our business or operations. Such statements are not intended to be a guarantee of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.