NEW YORK--(BUSINESS WIRE)--Jan 27, 2025--
Algebrik AI Inc., a Delaware-incorporated company headquartered in New York City, pioneering the world's first cloud-native, AI-powered, digital-era Loan Origination Platform (LOS), today announced a strategic partnership with Auto Exam, a leading provider of vehicle service contracts, GAP insurance, and collateral protection products. This collaboration aims to revolutionize auto lending by integrating comprehensive protection solutions directly into the loan origination process, enhancing value for both lenders and borrowers.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250127285961/en/
Through this partnership, financial institutions can:
Executive Perspectives
“Integrating Auto Exam’s robust protection solutions into our cloud-native, AI-powered, digital-era LOS enables auto lenders to offer unparalleled value to their borrowers,” said Pankaj Jain, Founder and CEO of Algebrik AI. “This partnership reflects our commitment to innovation and excellence in auto lending, ensuring borrowers receive comprehensive protection alongside efficient loan processing.”
“At Auto Exam, we are dedicated to providing top-tier vehicle protection products that safeguard consumers’ investments,” said Shane Vaughn, CEO of Auto Exam. “Partnering with Algebrik AI allows us to extend our reach and seamlessly integrate our solutions into the lending process, enhancing the overall borrower experience.”
Impact on Auto Lending
This collaboration underscores a shared vision to elevate the auto lending landscape by:
Algebrik AI’s Vision: Redefining Lending for a New Era
Algebrik AI was founded with a vision to transform the lending experience by addressing the challenges faced by community financial institutions. Recognizing the stagnation in lending technology over the past two decades, Algebrik set out to build a platform that bridges the gap between legacy systems and modern borrower expectations. With a foundation in cutting-edge AI and cloud-native technologies, Algebrik’s mission is to enable credit unions, auto lenders and financial institutions to reclaim their competitive edge while delivering personalized, seamless lending experiences that resonate with next-generation members.
For more information about Algebrik AI and this partnership, please visit https://www.algebrik.ai
For latest on tech & AI, follow Algebrik on Linkedin at: https://www.linkedin.com/company/algebrik-ai
Or chat with the Algebrik team at: letschat@algebrik.com
About Auto Exam:
Auto Exam is a trusted leader in vehicle service contracts and auto loan protection, committed to safeguarding financial institutions and their borrowers. With over two decades of expertise, Auto Exam provides innovative solutions designed to reduce risk, enhance loan portfolios, and deliver peace of mind to both lenders and borrowers. Their suite of products includes extended warranties, GAP insurance, and comprehensive vehicle inspection services, all tailored to meet the evolving needs of the auto lending industry. For more information, visit www.autoexam.com
About Algebrik AI
Algebrik, headquartered in New York City is the world's first cloud-native, AI-powered, digital-era Loan Origination Platform (LOS), designed for the next generation of borrowers / members. In an industry that hasn’t seen significant innovation in lending technology in over 25 years, it was high time that someone stepped in to help community financial institutions, auto lenders and financial institutions of all sizes regain their former glory. Algebrik AI’s mission is to empower lenders to attract, engage, grow, and retain next-gen members while staying competitive in today’s digital era. By transforming loan originations end-to-end, Algebrik AI takes on the heavy lifting, allowing lenders to focus on helping the borrowers / members & communities they serve. For more information, visit www.algebrik.ai
Algebrik and Auto Exam Announce Partnership to Transform Auto Lending (Graphic: Business Wire)
LOS ANGELES (AP) — California Gov. Gavin Newsom’s office is demanding a civil rights investigation of Dr. Mehmet Oz, saying he discriminated against Armenians in a video claiming hospice fraud in Los Angeles, the latest front in the state’s ongoing battle with the Trump administration.
The Democratic governor's complaint, filed Thursday, came after Oz posted a video on social media in front of an Armenian bakery in Los Angeles, alleging that roughly $3.5 billion in hospice and home care fraud has taken place in the city and “quite a bit of it” was run by “the Russian Armenian mafia.” Oz is the administrator for the Centers for Medicare and Medicaid Services, which certifies hospice providers to accept patients on government-subsidized health insurance.
Newsom's office argued in the complaint that Oz “spewed baseless and racially charged allegations" that risked chilling participation in hospice and home care programs among the community targeted. His office said the claims had “already caused real-world harm” by dampening business at an Armenian bakery that is shown in the video.
“Mafia? There is no Armenian mafia going on here. We’re just hardworking business owners. I don’t understand why he’s mentioning just Armenians,” Movses Bislamyan, whose family-owned bakery appears in Oz’s video, told KABC-TV.
Oz and CMS didn't immediately respond to a request for comment on the complaint or the content of the video, and they haven't publicly shared details about the fraud being alleged.
Oz’s video also points to a larger Trump administration effort to spotlight fraud around the country. That effort comes after allegations of fraud involving day care centers run by Somali residents in Minneapolis prompted a massive immigration crackdown in the Midwestern city, resulting in widespread protests.
Earlier in the week, Newsom acknowledged fraud in hospice care in California but said the state has been working for years to crack down on it. He noted he signed a law in 2021 to stop providing new hospice licenses over fraud concerns and said the state has revoked more than 280 hospice licenses in recent years. Another 300 hospices are being examined for possible fraud, Newsom’s office said. The state did not immediately provide a list of all businesses that have had their licenses revoked.
“We’ve identified and cracked down on hospice fraud for years, taking real action to protect patients and taxpayers,” Newsom said in a statement.
Oz's video shows him visiting the Van Nuys neighborhood of Los Angeles and pointing to a four-block radius that he says is home to 42 hospices, suggesting potential fraud. He references a business that he says was part of a $16 million fraud scheme. Oz describes the Armenian script on the businesses' signs while the camera pans to the bakery.
"You notice the lettering and language behind me is of that dialect,” says Oz, whose parents emigrated to the U.S. from Turkey. He also claims there “has not been a lot of attention on these problems” in California.
Aram Hamparian, executive director of the Armenian National Committee of America, said Oz’s comments invoke “easy stereotypes” about the Armenian community, which has deep roots in California.
More than 200,000 people of Armenian descent are estimated to live in Los Angeles County, where April is celebrated as Armenian History Month. A small section of Los Angeles is known as Little Armenia, and the suburban city of Glendale, about 15 miles (24 kilometers) from where Oz recorded the video, is a center of the community.
Hamparian said Oz’s connections to Turkey are concerning. That nation's government does not acknowledge the killing and deportation of Armenians by Ottoman Empire forces in the early 1900s, known as the Armenian genocide.
“Things have been dealt with at the state level, prosecutions have been made,” Hamparian said. “But Dr. Oz is taking this in an entirely destructive direction by scapegoating, by fear-mongering, by staging the theatric collective indictment of all Armenians.”
Turkey and Armenia have long been strained by historic grievances and Turkey’s alliance with Azerbaijan. The neighboring countries have no formal diplomatic ties, and their joint border has remained closed since the 1990s, though late last year they agreed to simplify visa procedures in an effort to normalize ties.
The feud is among many that have sprung up between Newsom, seen as a potential Democratic presidential candidate for 2028, and the Republican administration of President Donald Trump. Newsom and Trump have clashed over issues ranging from the federal administration’s National Guard deployment in Los Angeles to the president’s efforts to block California’s 2035 ban on new gas-powered cars, a nationwide first.
Swenson reported from New York. Associated Press reporter Olga R. Rodriguez in San Francisco contributed to this story.
California Governor Gavin Newsom is seen during the Annual Meeting of the World Economic Forum in Davos, Switzerland, Tuesday, Jan. 20, 2026. (AP Photo/Markus Schreiber)
