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STOCKHOLM, Nov. 16, 2023 /PRNewswire/ -- Greater Than (GREAT.ST), the global provider of driver crash probability and climate impact intelligence, has today announced that its artificial intelligence (AI) technology has facilitated the successful launch of ABAX's new spinoff brand, Fair Car Insurance.
"Fair Car Insurance has arrived to provide a completely new insurance offering by utilizing predictive driving behavior for customer beneficial risk segmentation, transparent pricing, individualized insight and crash mitigation for improved road safety," said Emma Dyga, CEO of ABAX Group. "The result is a tailored insurance offer that's unlike anything else on the market."
In line with its name, Fair's mission is to simplify the underwriting and actuary process, supporting profitable development while delivering fairness to customers. To do this it uses data-driven risk insights from Greater Than to calculate prices on actual risk level and distance driven. It also provides regular performance reports to customers, with targeted tips to avoid crashes, vehicle wear and tear, and insurance costs.
"Fair car insurance is born because we believe that car insurance can become better, so much better!" said Jørgen Johansson Skalleberg, CEO of Fair Car Insurance. "In line with our name, our mission is to simplify car insurance for business owners. And, thanks to our data-driven insights, we can create customized offers for all our potential customers."
Greater Than's globally unique data analysis uses AI for good to uncover driver impact insights from GPS data. The result is real-time crash probability intelligence that can be filtered according to customers' needs; for example, to identify risk levels by fleets, geographical locations, days of the week, times of day etc.
"We're proud that our driver scores give Fair a deep understanding of risk and have facilitated the launch of an entirely new insurance offer," said Liselott Johansson, CEO of Greater Than. "Fair is a prime example of how the power of data can accelerate business development and deliver huge value to all stakeholders."
ABAX and Greater Than have been working together since the spring of 2022, when ABAX connected 200,000 cars to Greater Than's AI data analysis platform. Within the partnership, GPS data is transmitted from ABAX's platform to Greater Than's cloud-based AI analysis platform and returned to ABAX in real-time, providing crash probability scores across its portfolio. Because the scores are harmonized across vehicle type and location, they provide an accurate risk landscape that can be used for precise risk mitigation, risk pricing and the monetization of GPS data.
ABAX recognized the opportunity to use the crash probability scores to revolutionize car insurance and established Fair, which will be initially offered to ABAX's customers in Sweden. The individual insurance risk will be underwritten by Eir, a fully digital insurance company.
"We recognize that standard insurance products don't always meet the requirements of every company," said Fredrik Solberg, CEO at Eir. "We're thrilled that we've been able to help Fair modernize solutions that meet new demands from customers. Combining this with rewarding safe and environmentally friendly driving makes this solution a game changer."
The following files are available for download:
Greater Thanâ€™s data analytics enables ABAX to launch connected fleet insurance brand, Fair
Far Car Insurance, Greater Than, Eir