ABAX, Europe’s largest telematics company, has today announced a unique, three-way partnership with Greater Than, the global provider of driver crash probability and climate impact intelligence, and Eir, a fully digital insurance company.
Together, the companies will leverage the power of data to overhaul the motor insurance market. Using real-time crash probability insights from Greater Than, ABAX will create tailored insurance offers for customers, with Eir providing the individual insurance cover. The product is currently in development, with the digital insurance offer launching in Sweden in Q4 2023.
“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,” said Atle Karlsen, CPO of ABAX. “Thanks to data, we have a deep understanding of our customers and their insurance needs and we’re excited to work with these incredible organizations to develop a new insurance solution that’s unlike anything currently on the market.”
“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,” said Fredrik Solberg, CEO at Eir. “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.”
“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,” said Liselott Johansson, CEO at Greater Than. “All three companies recognize 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.”
ABAX and Greater Than have been working together since the spring of 2022, when ABAX connected 200,000 cars to Greater Than’s AI analysis platform. GPS data was transmitted from ABAX’s platform to Greater Than’s cloud-based AI analysis platform and returned to ABAX in real-time, providing crash probability insights across its portfolio. Now, data will also be shared with Eir who will use the insights to determine the price, terms and flexibility of the car insurance. This will enable ABAX to provide a tailored insurance offer to its customers.
ABAX is one of the largest IoT companies with solutions for mileage claim, tool tracking, and equipment control with over 500.000 tracked units all over the world. In 2020 ABAX started a journey expanding into developing mobility data solutions entering new verticals like insurance and leasing, being the preferred data provider for the B2B industry in a wider scale. ABAX has over 300 employees and offices in Norway, Sweden, Denmark, Finland, United Kingdom, the Netherlands, Belgium, and Poland. The company headquarters are based in Larvik, Norway.
Learn more at www.abax.com
Greater Than is a driving data analytics company that specializes in understanding driver impact on the roads. Through the power of artificial intelligence (AI), Greater Than converts GPS data into driver scores that predict crash probability and climate impact. The scores can be further enhanced with additional intelligence including an analytics dashboard, prevention tool, and summary reports.
Insurance companies, underwriters, fleet solution providers, mobility providers and other owners of GPS data use Greater Than’s analysis to optimize driver risk management, achieve insurance profitability, manage sustainability & ESG reporting, and monetize GPS data. Greater Than (GREAT.ST) is listed on Nasdaq First North Growth Market. FNCA Sweden AB is the Company’s Certified Adviser. Learn more at www.greaterthan.eu.
Eir is a digital insurance company with a non-life insurance license from the Swedish FSA, currently active in Sweden, Denmark, Norway, Germany and Spain, and are backed by the world’s leading reinsurers. Eir underwrite insurance risks by providing cost-efficient and flexible solutions to partner companies wanting to offer insurance products without losing control of the customer relationship.
Together with our partners, we are challenging the established players in the insurance industry. Eir are entirely digital, fully transparent, and highly efficient – creating a new and digitalized insurance market. Through open APIs, we enable our partners to embed customized insurance offerings into their value chain.
Learn more at www.eirforsakring.se