Getaround announced Getaround TrustScore v2.0, a proprietary next-generation artificial intelligence (AI) model to improve the safety and economics of its carsharing marketplace. Preliminary results indicate a cost savings of up to 50% of claims and insurance expense -- one of the Company's largest cost centers. Getaround TrustScore v 2.0 combines machine learning with over a decade of data from trips taken on its platform to provide optimized pricing and security deposits for each carsharing trip.

With Getaround TrustScore, the Company is able to more accurately price risk on trips, provide upfront transparency for what guests should expect to pay while reducing insurance costs. Getaround TrustScore anticipates that insurance and claims costs will be reduced by up to 50% using the next-generation AI system. Getaround and its patented Connect®?

technology provide contactless, 24/7 access to shared vehicles on its platform, by enabling users to unlock the car via the Getaround app without having to wait in line or pick up keys. Individuals can instantly book the shared vehicles 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 excursions. Privately owned cars are typically parked 95% of the time and are only actively being 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 mean fewer cars on the road: studies show that, on average, one carsharing vehicle replaces nine to 13 vehicles.