It was announced this morning that Greater Than (GREAT.ST), the global provider of driver crash probability and climate impact intelligence, announced that it has powered the launch of ABAX's new spinoff brand, Fair Car Insurance, through the use of its artificial intelligence (AI) technology. 
"Fair Car Insurance has arrived to provide a completely new insurance offering through the application of predictive driving behavior for customer benefit risk segmentation, transparent pricing, individualized insight and crash mitigation for better road safety," said Emma Dyga, CEO of ABAX Group, in a press release. Consequently, you'll receive an insurance offer that is uniquely tailored to your needs. 
In line with its name, Fair's mission is to simplify the underwriting and actuary process in order to support profitable development while delivering fairness to customers at the same time. In order to do this, Greater Than uses data-driven risk insights to calculate prices based on the actual risk level and the distance driven in order to provide accurate estimates. As well as providing regular performance reports to customers, it also provides targeted tips to minimize crashes and vehicle wear and tear, as well as 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 artificial intelligence (AI) for good to discover driver impact insights from GPS data. In the end, real-time crash probability intelligence can be filtered based on the specific needs of customers; for example, to identify risk levels by fleets, geographical locations, days of the week, times of day, etc. 
"We are proud of the fact that our driver scores have helped Fair gain a deep understanding of risks and have helped them launch an entirely new insurance offering," Liselott Johansson, CEO of Greater Than, said. "Fair is an excellent example of how the power of data can accelerate business development and deliver huge value to all stakeholders." 
There has been a partnership between ABAX and Greater Than since the spring of 2022, when ABAX connected 200,000 cars to Greater Than's AI data analysis platform, and since then, they have worked together on several projects. Through the partnership, GPS data is sent from ABAX's platform to Greater Than's cloud-based AI analysis platform and is returned in real-time to ABAX in order to provide crash probability scores across its various products.. Since the scores are harmonized across different vehicle types and locations, they provide an accurate risk landscape that can be used for the precise mitigation of risks, the pricing of risks, and the monetization of GPS data as a result of an accurate risk landscape.
Since the scores are harmonized across different vehicle types and locations, they provide an accurate risk landscape that can be used for the precise mitigation of risks, the pricing of risks, and the monetization of GPS data as a result of an accurate risk landscape.
With the use of crash probability scores, ABAX has recognized the opportunity to revolutionize auto insurance and has established Fair, which will initially be made available to ABAX's customers in Sweden. The individual insurance risk for Fair will be underwritten by Eir, a fully digital insurance company. 
According to Fredrik Solberg, CEO of Eir, "we understand that standard insurance products may not always meet the needs of every company." We are thrilled to have been able to assist Fair in transforming its products to meet the needs of customers in the 21st century. Combining this with rewarding safe and environmentally friendly driving makes this solution a game changer." 
GET IN TOUCH:
Contact information for Greater Than's press department: [email protected] +46 855 593 200 www.greaterthan.eu 
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As part of the 2023 Global Climate Impact Index, Greater Than (GREAT.ST), a global provider of driver crash probability and climate impact intelligence, has been selected to be included in the index...
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Source prnewswire