(The Toyota Prius, one of the most popular rideshare vehicles. Source: Toyota.)
HyreCar Inc. (Los Angeles), a carsharing marketplace for ridesharing, today announced that it will deploy Shift Technology’s (Paris/Boston) Force AI-driven fraud detection solution in order to optimize its insurance claims processes and deliver a better customer experience. HyreCar anticipates that deploying Force will significantly reduce fraudulent claims within six months, based on the vendor’s 75 percent accuracy rate in identifying potentially fraudulent claims.
“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,” comments Joe Furnari, CEO, 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.”
HyreCar’s platform matches owners of idle vehicles with drivers wanting to take advantage of the “gig economy” aspects of the ridesharing industry. This novel pairing of drivers and vehicles presents a number of equally novel challenges specifically related to how vehicles and drivers are insured. HyreCar solves the 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.
Shift Technology’s says that using Force within its claims process will enable HyreCar to operate at “Internet speed” during the claims verification process. Force is able to quickly and accurately process vast amounts of data in order to produce actionable insights about a given claim being processed, according to the vendor. The application flags indicators that mark a claim as suspicious, alerting investigators to take appropriate action. The vendor’s claimed 75 percent accuracy rate in identifying potentially fraudulent claims is twice the industry average.
“At the same time HyreCar is changing the ridesharing industry, they’re also pushing the envelope when it comes to insurance innovation,” comments Jeremy Jawish, CEO and co-founder, Shift Technology. “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. 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.”