Greater Than Granted Seven Patents in the US

We’re proud to announce that The United States Patent and Trademark Office (USPTO) had issued Greater Than’s seven patents covering our Artificial Intelligence Methods. The seven patents serve to protect further our methods and AI-based technology surrounding the evaluation of driving data on an individual driver level.

Since our inception in 2004, we’ve been a pioneer in the field of AI development. We early understood what the future would bring when it comes to the usage of Artificial Intelligence, both for calculations and for products. A vision due to the core of our business, which is the development of Artificial Intelligence methods based on driving data and driving patterns, and AI-based products that highly support and evolve industries involved in auto and driving risk insights.

With our patents granted in the USA, we have strengthened our business offering at large and reached another milestone. Our technology and platforms are now firmly positioned, and we’re much looking forward to broadening our scope. Things are vibrant, and we cannot wait to create extensive opportunities for our customers within insurance, auto manufacturing, and the new mobility in the benefit of sustainable business models, with reinforced technologies as the base for their end-user products.

April 24th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AI, Insurtech, Patents, USA

Congratulation electric vehicle drivers, each charge will last for longer

As recently launched in a press release, our AI-based Enerfy Global service is now fully adapted for electric cars (EV’s) and hybrids, tailored for Insurance companies, car manufacturers, and fleets that deal with electric vehicles. As a bonus of the launch, the driver assessment functions also provide a robust tool, so that the driver of the electric car or hybrid can get increased control over the battery capacity. In short, they get the opportunity to get out more mileage per each charge, given our real-time driving feedback.

While our AI correlates individual driving patterns to the probability of being involved in an accident, it also analyzes the relationship between driving behavior and energy consumption in real-time. Through this, Enerfy Global provides a breakthrough product with the benefits, including real-time monitoring, how driving style affects the car’s battery. The driving assessment puts the driver in higher awareness and control by its instant feedback. By gaining real-time information on battery consumption according to driving behavior, the driver can immediately adjust the driving behavior to a less energy consumption one, and by doing so, get the most out of every charge.

Greater Than’s AI algorithms have been practicing real-time driving data from electric cars and hybrids around the world for an extended period. The result is that the AI can boast an accuracy of 99.98 % in its risk analysis, even for drivers not have onboarding diagnostic readers connected in their cars. The accuracy of the AI risk assessment is, however, at the same level as it is when supported by an onboard diagnostic reader (OBD-reader) attached to the vehicle. This precision, done even without connected hardware, witnesses of the magnitude of ourAI. An AI capacity we’re very proud over – especially as we’re alone in the world to deliver such, no matter vehicle or fuel used.

April 16th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AI, connectedcars, Insurtech, riskprediction

Let’s speed up the backing of variable costs

Have we come to a point where car insurance is not sure to be a one-and-done deal? Have user-based insurances taken the chance to do the grand entré finally? We hope so! Connected car services per see can soon be mandatory, according to the EU, for the benefit of road safety and sustainable economy. But there are other urgent causes.

For example, take the gig economy in transportations. With all the on-demand services that many of us have made great use of. We’ve had almost endless cab alternatives to get an easily accessible and cost-efficient ride, with such as Uber, Lyft, and so on. Now, these services have been hit hard by the novel coronavirus pandemic. Some say that the riding volume has dropped by as much as 60%-70% in general in recent days. Unluckily, the cost of the cars has not followed the same downward curve and remains the same for the drivers. Doing simple math, one can easily understand how economically unsustainable this is. If a car stands still for the majority of the day, should one pay as much insurance cost as if the vehicle was out running in the traffic? Of course not.

The same applies to private motorists. Despite some of us barely utilizing the car we own, we have nevertheless been accustomed to paying full insurance premium per month. Regardless, if we drive just a few miles or 100 miles a month, this has been since ever – until most recently. New digital technologies enable new options. Today, some insurance carriers are testing off connected UBI (usage-based Insurances). In most cases, a win-win for both the policyholder and the policy provider.

We know the demand for personalized and connected insurance offerings taps on the door for many reasons, and we’re standing at the brink of this change. By speeding up and backing car owners and professional drivers now in their urgent need for variable cost, insurances couldn’t possibly feel more immediate and needed as it does in this particular moment.

Mars 25th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: connectedcars, Insurtech, UBI

We don’t know when the risk is there; we are only humans

Imagine that you would receive immediate feedback on at what level of safety and energy-efficiency you are driving. What if a smart, safe and stable ride would give you, let’s say, sharply reduced insurance premiums at the end of the year. Or that your smooth, focused driving with the rental car is immediately rewarded with bonus points to be used for something fun or tasty during the trip. Or even better, make the car rental cost cheaper. At the same time, a risky, stressful driving behavior would not pass unnoticed.

This is the reality for them who today use AI-powered driving analysis in their cars. They gain real-time insights and feedback on their driving behavior at such a level no human or human calculation ever could have the capability or capacity to give them. And they gain not only insights on how they drive but also get promoted when they do it well and safe.

Until most recently, this was impossible, even for Artificial Intelligence to achieve. AI needs to be trained for years on real driving data, information and driving situations to maintain such knowledge at such precision. By connecting our AI into vehicles and smartphones, we have contributed to making drivers around the globe drive much safer. We know using AI-based real-time assessment is unbeatable and one of the most empowering road safety activities one can conduct. I will explain why it’s so.

As humans, we need to understand the fuller picture, or we don’t seem to get it otherwise. As when we have an app’s telling us about how we are behaving when it comes to walking, drinking, exercising, even how we sleep. The daily result per se doesn’t tell us so much. But when we get the summary from, let’s say a whole month, we get the perspective needed to understand that if we are changing, just a little bit on the margins, it will make us reach our aim. It nudges us to try a little bit harder, improve our selves step by step, all in all, to gain results, and feel much better in the long run.

That’s how we know that the same goes when it comes to real-time driving assessment. When starting to use it, it’s hard to stop. You want to be the brilliant and safe driver you always thought you were, and remain so. Driving without such services leaves us with a feeling of being empty-handed. When starting being aware of any potential danger and risks, who can ever go back to drive without actually knowing if putting oneself and others to danger. It’s like not using the seat belt, even though you know it is excellent protection. Deeply embedded in our DNA, we all want to stay safe and protected. That’s why we want to know what’s going on. We’re only humans.

Mars 17th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AI, connectedcars, Insurtech, roadsafety

The new dynamics of car insurance is named the end-user

New in-depth insight into existing customers and an extensive loyalty program on top of a current portfolio is a good start for getting ready for the new sharing economy and user-based insurance. But is it that simple?

What sounds like a smooth transition is one of the biggest challenges today’s insurers are facing. Simply put, the math that weighs the cost of potential risks against the value of rewarding good behavior is challenging. Add to that the fear of not being able to recover already lost money at the ever-increasing receivables costs.

Don’t we recognize this? Isn’t what every industry is facing in shifts? Old business models are being replaced. User behavior is in focus. I’m thinking of, in the example, the great transition the whole mobile phone industry went through. Before and after apps.

Car insurance today is based on monthly payment and deductible—cost based on traditional statistics, where the vast majority also pays for the riskiest policyholders. As a result, most policyholders are likely to choose the insurance that covers them the most and costs them the least—the cheapest in short. And with no incentive whatsoever to behave well, drive safer or even to remain loyal as a customer.

But if there were benefits or anything else that allowed one to affect the individual costs personally.

The basis for this is what we call UBI – user-based insurances – Insurance policies that are personalized with perks and benefits. Based on an individual’s usage and behavior with personal treats. This, at no surprise, is also one of the most potent triggers to promote better driving behavior and strong loyalty. We know some about this.

End-users using our UBI solutions improve their driving behavior and dramatically reduce their energy consumption – in less than a month. The number of accidents decreases by up to 50% and fuel consumption by 15-25%. A little more surprisingly, we have also learned that drivers with services like ours continuously increase their safe and energy-efficient driving style on the road—all for the better for the environment, people, and road safety in general.

We also know that just by adding real-time analysis of risk and its insights to an existing portfolio, dramatically changes how risks are perceived and identified within an organization. It’s quite often a door opener to new and updated ways to build new business models.

But what comes first – the hen or the egg? Real game-changers like, in the example of, Spotify, Apple, and Uber, did put the end-user in focus from day one. Which other industries dare to do the same? One thing is for sure; the end-user focus is the next deal-breaker for the game.

Mars 10th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AIpredictions, dynamicpricing, Insurtech

AI will shape the future of mobility – in fact, it already does

The future of mobility is one of the most discussed topics of today. Against the background of increasing traffic, increased number of road accidents, and the urgent need to reduce CO2 emission, there is no doubt that the road environment with transportation of humans and goods, will have to change tremendously in a very near future. But why is artificial intelligence the key enabling technology to master the transition to highly-individualized, environmental-friendly, and autonomous mobility systems and not humans?

In the light of an increase of plus 90 million new cars on roads per year and an estimation of 2.0 billion vehicles on the roads year 2030 (today it’s plus 1 billion), the future of mobility will for sure affect both the environment and us as humans. Today more than 25 000 people lose their lives on EU roads every year. Many more are seriously injured. Numbers that increase every year and profoundly affect not solely individuals but society at large – at enormous costs. This at a time when cars never have been safer, roads have never been better maintained and controlled, engines are less fuel demanding and eco-friendlier than ever. Still, we’re staring at the increasing bulk of very dark figures.

Evidence has shown that a vast majority of traffic accidents generally are caused by the recklessness of drivers and their disregard for traffic norms. What drivers do and think behind the wheel seems to be unaffected by traffic regulations. Knowing that individual driving behavior has in fact just as much of an impact on road safety as any external factor, we’re at a stage when we need to better understand ourselves as drivers and our individual impact on road safety much better.

One often raised factor when it comes to cars and humans is that humans can’t comprehend speed. We simply don’t have it in our genes. With very limited relation to a speed exceeding 50 km / h, we remain blind and blunt in relation to speed and its natural risks. We don’t have the basic instincts in place to get it right, and cannot take the rapid decisions needed when we’re moving at high speed. Simply put, our brains do not have the capacity to instinctively react on speed – they are not trained for a long time enough.

With this said, we’re at a point when we rapidly need to embrace alternative ways to get alerted and informed when we expose us and others to danger and at the same time make driving much more smart, efficient, and safe. That’s where AI comes into the picture.

Data analysis using traditional statistical or manual methods is extremely challenging and time-consuming. Should we take in all aspects contributing to accidents, it would take years in time before we’d be able to serve a correct analysis. Well trained AI algorithms do the same job quicker than in a heartbeat. Since it’s the only knowledge it has, it simply becomes an expert in it. That’s how Artificial intelligence supports us at its best. AI replaces and supports us where we fail, and it does so by its capacity to significantly process large amounts of information at an extremely high speed – which is highly valued and needed for example when it comes to alert and avoid accidents on the road.

Providing AI-powered assessment software that communicates in real-time to car-drivers on the roads is proven to decrease their risk of a collision by up to 40%. This is due to how the AI instantly takes their individual driving situation into consideration second per second whilst communicating crucial information and value directly to the driver. A job no human nor human interference can perform in real-time.

At Greater Than, we have listened and learned over the years. Since 2004, when we started to collect driving data and train our AI, we’ve been devoted to developing and deploy AI-based solutions assessing driving behavior. Today our AI predicts accidents with 99.98% accuracy, in real-time, which also fosters better behavior and smarter decisions on the road. Our genuine dedication forward is to put even more advanced solutions inside vehicles, in the strong belief that no driver should drive without having full and transparent access to individual driving feedback in real-time. A standard that is as important as having cars equipped with a three-point belt and airbag. The change in mobility comes with higher awareness. What humans cannot interpret and perceive – AI immediately makes visible and comprehensible.

Mars 3th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AI, connectedcars, futureofmobility, roadsafety

We give Insurance carriers worldwide seamless access to Enerfy via Azure Marketplace

As the book of mobility, Insurtech and connected cars are at fast pace and process in the ever-changing landscape towards digitalization, we’re proud of being able highly to contribute to this evolving movement.

Being developing AI based risk predictions on driving data for more than 16 years, we can today put one of the world’s most reliable AI platforms providing individual driving analysis and future claims cost predictions on the shelf – globally.

With a presence on Microsoft Azure Marketplace, we can continue to focus on our clients and strengthen them with a rapid preparation, evaluation and reach out with one of the uttermost reliable and groundbreaking platforms with risk insight in the world. With our AI platform Enerfy as part of the Microsoft partner program and on the Azure Marketplace, we’ll be able to take a step closer to our vision to empower every auto insurance policy with a fair and transparent true cost of risk for the benefit of their consumers, sustainable businesses and contribution to increased CO2 emission and safer roads.

“With Microsoft´s global reach and network capabilities, together we will move auto insurance carriers- and auto manufacturers – into a new level of risk insight, pricing models to enabling better profitability with the bonus of making mobility both cleaner and safer”, – Says Liselott Johansson, CEO of Greater Than.

https://azuremarketplace.microsoft.com/en-us/marketplace/apps/greaterthan.enerfy?tab=Overview.

Mission Innovation 100 selected Greater Than

Greater Than has honorable been selected as a top 100 one of Mission Innovation 100 global innovative clean energy solutions. The solutions will each have the potential to reduce carbon dioxide emissions by 10 million CO2 e/year or more by 2030 and/or be of strategic importance.

Mission Innovation is a global initiative consisting of 24 countries and the European Commission and is also the initiator of the 1.5°C Compatible Solutions Framework which aims to help public and private investors find the technologies that have the greatest potential to tackle climate change and limit the global temperature increase to 1.5 degrees Celsius.

As being appointed to this list, Greater Than provide Artificial Intelligence that understand and price risk per car in real-time, decrease CO2 emission in average with more than 17%
and helping auto insurance carriers to improve loss ratio and supporting automotive OEMs with behavioral based pricing for new mobility.

Read more about Mission Innovation and the 1.5°C Compatible Solutions Framework on https://www.misolutionframework.net.

Greater Than is part of the prestigious InsurTech100

Today, FinTech Global announced the 100 companies that will transform the global insurance industry and Greater Than is proudly amongst them.

Greater Than’s AI price risk per individual car in real-time and partners with large insurance companies such as Zurich, MS First Capital and Tryg. This enables a new level of proactive, financial, customer retention and risk avoidance planning. The company’s flagship product, Enerfy is an AI-based platform with over 480 white label solutions, including AI pricing, digital insurance, gamification and apps that positively affect driving behavior.

“Being recognized by InsurTech100 is a great honor for us and demonstrate the power of our AI technology and our end-to-end solutions,” says Liselott Johansson, CEO at Greater Than. “To up the digital game and offer more personalized solutions, we offer insurers and car manufacturers a seamless integration, to at speed gain digital user-based offerings and new price models out on the market”.

FinTech Global and its panel of industry experts select 100 of the world’s most innovative Insurtech companies that solves major problems in
the industry to make up the InsurTech100. The list aims to help senior management and insurance professionals evaluate which digital insurance models have market potential and are most likely to succeed and have a lasting impact on the industry.

The full list of the InsurTech100 can be found at www.TheINSURTECH100.com

Supporting a Dynamic Marketplace

Yesterday at the ESG Integration Summit in Stockholm, we’ve met with executive leaders, directors, institutional investors, and experts on integrating the Nasdaq ESG guidance and framework for disclosure of company practices.
An important conference where we at Greater Than, amongst other companies shared and demonstrated our best practices on how we implement and practices ESG, when it comes to areas such as transparency and sustainable carbon emissions.
As part of one of the panels, Liselott Johansson, CEO at Greater Than had the opportunity to showcase how an AI scale-up B2B enterprise as Greater Than is, in partnership with large enterprises highly can contribute to their overall strive and work towards the ESG goals. By providing innovative solutions that taps in to every step in their value chain, we highly contribute to rapidly decrease CO2 emission at large.

Tags: ESG, GreaterThan, Insurtech, NasdaqFirstNorth