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How telematics company ABAX used Greater Than's data analysis for deep risk insights and new product development
ABAX’s real-time data, combined with Greater Than’s leading AI pattern profiling provides one of the best driver risk analysis tools in the insurance industry. This collaboration has enabled us to develop and launch the first B2B data-driven insurance solution with Tryg Norway in less than four months.
Although ABAX’s pricing model and customer offerings worked successfully, the ABAX team wanted to focus on the risk analysis of driving behavior to thoughtfully and innovatively create products and services to meet their customers’ needs. They were also keen to explore the development and delivery of personalized offerings and pricing options.
The journey began with a more thorough analysis of the data. Despite promising results, ABAX wanted to gain even deeper insights into driving risk. The aim was to use this knowledge to help achieve specific goals related to customer acquisition, retention, and loyalty, ultimately helping the customer increase revenue and profits. ABAX decided to enlist the help of a partner with excellence in AI analysis of real-time data.
The cooperation between ABAX and Greater Than commenced with the connection of 200,000 cars to Greater Than’s AI analysis platform, via a single API. 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 deep risk insights into its portfolio.
The initial benefit to ABAX was instant insight and new layers of risk knowledge including a risk profile for each customer in its portfolio. With this foundation, ABAX improved their data bank, defining new business models by understanding new customer segmentation and risk performance. Based on that, ABAX tailored an entirely new insurance product offering suitable for its fleet customers.
We quickly realized that Greater Than and the integration of their AI analysis and risk pricing models would add significant value for ABAX and our future offerings.
By using Greater Than’s driver risk analysis, ABAX managed to identify new market entries in less than four months, segmentized target groups, and developed a tailored insurance offering for its fleet customers. The initial market phase obtained a 40% conversion.
Based on the risk knowledge and demand for the product, ABAX entered a cooperation with insurance company Tryg Norway and launched the market’s first commercial insurance product offering, tailored for the Norwegian commercial fleet market.