Urgently Drives Higher-Quality Customer Outcomes for Roadside Assistance with Launch of Next-Generation Yield-Based Pricing
Urgently (Nasdaq: ULY), a leading provider of digital roadside and mobility assistance technology, has launched next-generation yield-based pricing across its Service Provider Network. This AI-driven dynamic pricing technology optimizes job prices for roadside assistance services, similar to surge pricing used by ride-hail services. It utilizes machine learning, location aggregation, and micro-targeting to deliver actionable insights based on geographic location, population density, and other factors.
This new pricing model aims to help Urgently's customer partners optimize their roadside assistance programs by maximizing performance, balancing costs, and enhancing service quality. The use of Uber’s H3 Hexagonal Hierarchical Spatial Index allows for efficient optimization and visualization of spatial data, leading to faster job acceptance and improved performance metrics. The yield-based pricing technology is initially available for tire changes, battery jump starts, auto lockouts, fuel delivery, and towing services, with plans to expand further.
- Launch of AI-driven yield-based pricing technology.
- Optimization of job prices similar to ride-hail services' surge pricing.
- Actionable insights driven by machine learning and location aggregation.
- Improved annual performance metrics for customer partners.
- Deployment of proven technology (Uber's H3) for spatial data optimization.
- initial availability to specific services like tire changes and battery jump starts.
- Dependence on AI and predictive analytics may pose implementation and accuracy challenges.
Insights
Urgently’s new yield-based pricing technology represents a significant step forward in optimizing roadside assistance services. This dynamic pricing model, driven by AI and predictive analytics, aims to improve job acceptance rates and customer satisfaction. For investors, this technological advancement could lead to
Leveraging AI-driven dynamic pricing and location-aware capabilities is a notable advancement in the roadside assistance industry. Urgently’s adoption of the H3 Hexagonal Hierarchical Spatial Index, originally developed by Uber, allows for highly accurate geographic data aggregation and analysis. This enables more precise pricing and dispatch decisions, optimizing both cost and performance. From a technical standpoint, this innovation could set a new industry standard, making Urgently’s platform more attractive to customer partners and service providers. However, the system's reliance on AI and predictive analytics also introduces a level of complexity that requires robust data management and continuous algorithmic refinement to maintain high-quality outcomes.
Urgently’s next-generation pricing strategy could shift market dynamics in the roadside assistance sector. By integrating AI-driven predictive analytics and dynamic pricing, Urgently aims to offer more tailored and efficient services, potentially increasing its market share. The ability to adjust prices based on real-time data such as geographic location and time of day could attract more service providers to its network, thereby enhancing service availability and quality. However, the market's reception will depend on the efficacy of this technology in delivering consistent and superior service outcomes. Market adoption could be gradual, as customer partners will likely test the technology’s reliability and financial outcomes before fully committing.
AI-driven, predictive and location-aware capabilities deliver network pricing and customer quality insights that help Urgently’s customer partners optimize their roadside assistance programs.
VIENNA, Va., June 25, 2024 (GLOBE NEWSWIRE) -- Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the launch of next-generation yield-based pricing across its Service Provider Network. This AI-driven dynamic pricing technology makes it possible to reliably predict and optimize job prices for roadside assistance services, leading to higher-quality customer outcomes. Real-time yield-based pricing allows Urgently to better manage surges in roadside assistance demand, similar to surge pricing used by ride-hail services.
Insights and predictive pricing empower Urgently’s customer partners to build roadside assistance programs that best fit their business goals, such as:
- Maximizing performance while maintaining a stable cost structure
- Balancing performance and cost by market
- Increasing performance by market or job attribute, such as a premium/VIP program
A combination of machine learning, location aggregation and micro-targeting by make, model and custom markets, delivers actionable insights into network pricing based on geographic location, population density, time of day, service quality and other location-based data. This premium level of end-user targeting helps Urgently’s customer partners optimize their roadside assistance programs.
Urgently’s proprietary pricing technology enables increased job acceptance and digital engagement with service providers, and significant improvement in annual performance metrics for customer partners.
“At Urgently, we believe roadside assistance is a brand-defining opportunity for our customer partners, and this is why our data and engineering teams continually look for ways to apply technology to advance the roadside experience,” said Matt Booth, Chief Executive Officer, Urgently. “We believe the advanced data analytics of our yield-based pricing technology leads to faster job acceptance by service providers, resulting in higher-quality outcomes that align with our customer partners’ brand-defined goals for customer experience – whether VIP, five-star or white-glove.”
Efficiently & Purposefully Engineered
Traditional roadside assistance job pricing models use county, zip code and basic trading area (BTA) data to determine pricing. Urgently’s yield-based technology takes job pricing to a new level with hexagonal location aggregation.
Urgently’s yield-based pricing technology has been efficiently and purposefully engineered, in part, by leveraging Uber’s proven, open-source H3 Hexagonal Hierarchical Spatial Index. H3 is a grid system for efficiently optimizing ride pricing, dispatches, and for visualizing and exploring spatial data. Urgently’s high-yield pricing technology uses H3 to analyze geographic information to set dynamic, reliably predictive, roadside assistance job prices and optimize dispatching. Hexagon-based location aggregation makes it possible to uniformly scale up and down dispatch areas.
Availability
Urgently’s yield-based pricing is currently being deployed nationwide across its network of service providers. Initially available for tire changes, battery jump starts, auto lockouts, fuel delivery and towing services, Urgently expects to expand its yield-based pricing technology to additional roadside assistance services in the future.
For more information about Urgently’s roadside and mobility assistance solutions visit https://www.geturgently.com/industry-solutions.
About Urgently
Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.
Forward Looking Statements
This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s yield-based pricing technology. These statements are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 202, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended March 31, 2024, which was filed with the SEC on May 14, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
Contacts:
For Press: media@geturgently.com
For Investors: investorrelations@geturgently.com
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