Car sharing marketplace, Getaround Inc (NYSE:GETR) has entered into a partnership with information and insights company, TransUnion (NYSE:TRU).
The alliance will bring TransUnion’s TruVision Traditional Auto Insurance to Getaround’s car sharing marketplace.
TransUnion has over 12,000 associates operating in more than 30 countries, providing insights into areas like marketing, fraud, risk and advanced analytics.
The integration is expected to help in better risk assessment and in rewarding good drivers while improving the economics of Getaround.
TruVision Insurance will be integrated with Getaround TrustScore, an artificial intelligence (AI) model which will enhance the accuracy to predict guest driving behavior.
This will help Getaround amplify all existing benefits of Getaround TrustScore to guests and hosts, provide information on carsharing trip pricing and help cut the risk of accidents and insurance claims.
With the proposed model in place, the company expects up to 50% reduction in the insurance and claims costs.
“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,” said Getaround CEO Sam Zaid.
Price Action: GETR shares are trading higher by 2.98% at $0.45 premarket on the last check Tuesday.
