Leading Fraud Detection Technology Increases Speed and Efficiency of HyreCar’s Insurance and Claim Verification Processes
LOS ANGELES & BOSTON – October 23, 2018 – HyreCar Inc. (Nasdaq: HYRE), the carsharing marketplace for ridesharing, today announced that it has entered into an agreement with Shift Technology. As a result, HyreCar will deploy SHIFT Technology’s Force™, an industry proven, AI-driven fraud detection solution to optimize its insurance claims processes and deliver an exceptional customer experience. Based on Shift’s 75 percent accuracy rate in identifying potentially fraudulent claims – more than twice the current industry standard of 30 percent – HyreCar anticipates that deploying Force™ will significantly reduce fraudulent claims within six months.
HyreCar’s unique business model matches owners of idle vehicles with drivers who wish to take advantage of the “gig economy” aspects of the ridesharing industry. This untraditional pairing of drivers and vehicles presents a number of different challenges specifically related to how vehicles and drivers are insured. HyreCar solves this problem by creating policies designed to protect both the drivers and the vehicle they are driving in the event of an accident. Since the HyreCar model “decouples” the vehicle and driver, vehicle owners must be confident that they will be compensated in a fair and timely manner should their vehicle be damaged.
“We are proud to announce our partnership with Shift Technology, whose AI capabilities we believe will enable us to dramatically improve the efficiency of our insurance claims process, allowing us to make timely payouts to vehicle owners,” explained Joe Furnari, CEO of HyreCar. “By vertically integrating services like Shift Technology on our platform, we are better able to quickly scale inventory, which in turn drives customer retention, reduces costs and increases revenue.”
Using Shift Technology’s Force™ within their claims process will enable HyreCar to operate at “Internet speed” during the claims verification process. The ability of Force™ to quickly, efficiently and accurately leverage vast amounts of data results in clear, actionable insights about the claims being processed. In cases where a claim may be fraudulent, Force™ identifies which indicators make the claim suspicious, and empower fraud handlers to take the most appropriate course of action as it relates to settling and/or rejecting the claim.
“At the same time HyreCar is changing the ridesharing industry, they’re also pushing the envelope when it comes to insurance innovation. Shift Technology is a company passionate about using AI to improve and reinvent the insurance claims process. It’s only natural we would end up working together,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “Our AI-driven solutions designed for today’s insurers gives companies like HyreCar the capability to support new, digital-first business models and drive greater speed and accuracy in the claims process.”
About Shift Technology
Shift Technology is reinventing insurance claims processing. Using industry proven artificial intelligence (AI), the company’s fraud detection solution Force™ provides insurance fraud handlers with a powerful decision-making platform speciﬁcally designed to scale their capacity and detect a wide spectrum of fraudulent behaviors. Since its launch in 2014, the company has raised more than $40M, expanded its global footprint and signed contracts with more than 60 insurers throughout Europe, Asia, and the Americas. The company has received industry recognition for its proprietary advances in Artificial Intelligence as it relates to the insurance industry, including being named a global AI Top 100 company for 2018 by CB Insights. Shift’s team of talented data scientists, developers, and insurance industry veterans are applying their expertise to not only tackling the insurance fraud problem, but also improving the overall claims automation process. For more information, visit www.shift-technology.com.
HyreCar Inc (Nasdaq: HYRE) is the carsharing marketplace for ridesharing through its proprietary technology platform. The Company is establishing a leading presence in Mobility as a Service (MaaS) through vehicle owners and institutions, such as dealers and OEM’s, who have been disrupted by automotive asset sharing. HyreCar currently operates in 34 states and Washington, D.C. providing a unique revenue opportunity for both owners and drivers. By providing a safe, secure, and reliable marketplace, HyreCar is transforming the industry – one driver, one vehicle, one road at a time. For more information, please visit www.hyrecar.com.
Forward Looking Statements
Statements in this release concerning HyreCar Inc.’s (“HyreCar” or the “Company”) future expectations and plans, including, without limitation, HyreCar’s partnerships and technology solutions, its ability to add and maintain additional car listings from car dealers and consumer demand for cars to be used for ridesharing, may constitute forward looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward looking statements, which include words such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” or similar terms, variations of such terms or the negative of those terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee such outcomes. HyreCar may not realize its expectations, and its beliefs may not prove correct. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described in the section entitled “Risk Factors” in HyreCar’s Prospectus, dated June 26, 2018, and HyreCar’s other filings made with the U. S. Securities and Exchange Commission. All such statements speak only as of the date made. Consequently, forward-looking statements should be regarded solely as HyreCar’s current plans, estimates and beliefs. Investors should not place undue reliance on forward-looking statements. HyreCar cannot guarantee future results, events, levels of activity, performance or achievements. HyreCar does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law.
The Silver Telegram