HyreCar (HYRE) Reports Strategic Partnership with Shift Technology

October 23, 2018 8:05 AM EDT

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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 ForceTM, 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.”

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