ABAX, a telematics firm, has unveiled a groundbreaking triad partnership with driver crash probability company Greater Than.
Central to this collaboration is the mission to harness the potential of data to radically reshape the motor insurance landscape.
ABAX, seated atop Europe’s telematics throne, has consistently championed innovations that seamlessly intertwine technology with the automotive sector. Greater Than’s prowess lies in its ability to ascertain driver crash probabilities and gauge environmental impacts, offering a nuanced perspective on road safety and ecological stewardship. In the digital insurance realm, Eir emerges as a trailblazer, steering the industry towards a more interconnected, responsive, and modern era.
Drawing on the razor-sharp crash probability analyses from Greater Than, ABAX plans to architect bespoke insurance propositions for its clientele, with Eir stepping in to extend individualised insurance coverage. The digital insurance product, now under the creative hammer, is slated for a Swedish debut in the final quarter of 2023.
In spring 2022, seeds of collaboration between ABAX and Greater Than were sown. ABAX linked a staggering 200,000 vehicles to Greater Than’s advanced AI-driven analytical platform. The synergy saw a dynamic flow of GPS data from ABAX to Greater Than’s cloud-based AI system, feeding back in real-time, illuminating crash probabilities across ABAX’s portfolio. Today, this data mosaic will be enriched with contributions from Eir, informing nuanced decisions on insurance price points, terms, and flexibility, culminating in ABAX’s promise of a customised insurance offering for its patrons.
ABAX CPO Atle Karlsen said, “We believe that data is the core of mobility and we are committed to relentlessly pursuing the value of data for the benefit of our customers. Thanks to data, we have a deep understanding of our customers and their insurance needs and we’re excited to work with these incredible organisations to develop a new insurance solution that’s unlike anything currently on the market.”
Eir CEO Fredrik Solberg said, “This new partnership with ABAX and Greater Than is the perfect fit for us as we are committed to delivering digital insurance that is cost effective, as well as encouraging not only safer driving but also ultimately reducing the impact on the environment. Having crash probability insights across the ABAX portfolio makes it easy to generate accurate, transparent pricing that delivers benefits to both ABAX and their customers.”
Greater Than CEO Liselott Johansson said, “We’ve already seen ABAX make a real impact in telematics insurance and we’re excited to be working with ABAX and Eir on an entirely new insurance offer. All three companies recognise the power of data to improve insurance and it’s a privilege to provide the analytics capabilities that will enable the launch of a new proposition to transform the market.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
