The New Year is the perfect time to reflect on the achievements of the year gone by and look ahead to new opportunities and challenges. In the world of mobility – including motor insurance, new mobility, telematics and fleet/risk management – artificial intelligence (AI) is transforming business operations at a rapid pace. And AI doesn’t stand still. Here are some of the biggest recent developments in Greater Than’s AI and a glimpse into how we plan to enhance mobility management in 2023.
One of the reasons why the market has quickly matured for AI-based analysis and digital services is the urgent need to address sustainability issues. Organizations want and need to be more sustainable, supporting the United Nations’ call for reaching the Sustainable Development Goals (SDGs). Pressure is also mounting for organizations to reduce and disclose their environmental impact. Soon, many companies might have to look at the environmental performance of the whole supply chain; not just their own activities.
At Greater Than, we’re passionate about the environment and supporting organizations to accelerate their green efforts. That’s why, in 2022, we launched a custom feature to identify a driver’s CO2 savings in grams or percentage. This is a feature that has been in great demand as more and more nations discuss new statutory requirements for reporting emissions impact for companies.
Part of our Climate Impact Score, this new capability enables fleets to measure the eco-friendliness of all drivers, regardless of geographical location, fuel type, or vehicle type. They can also use the insights to identify drivers in need of eco-driving training, and to incentivize drivers to adopt greener behaviors.
As companies and individuals strive to reduce their environmental impact, the shift to electric vehicles (EVs) is accelerating. Yet, for organizations, the EV transition can be complex. Battery range, charging frequency, charging infrastructure, and vehicle maintenance are common concerns.
As many companies prepare to start managing EVs in 2023 and onwards, our Climate Impact Score provides the ideal EV management solution since, as well as measuring CO2 impact for fuel-powered vehicles, it can also identify EV battery savings. And it can give organizations useful insights to promote more eco-friendly driving behaviors. This not only helps the environment, it also improves range and reduces unnecessary battery charges and helps to reduce vehicle wear and tear, collisions, and vehicle damage.
Pattern AI has, for many years, enabled Greater Than’s clients to predict crash risk and climate impact, using real-time GPS data analysis. Some of the key benefits are insurance profitability, optimized driver risk management, and greater control over sustainability and ESG.
Greater Than is also launching a service where customers can build their own risk models, just by feeding the AI with their specific claims data. This will bring the information even closer to the core of unique business opportunities for each segment of the market.
By accessing an individual risk profile for each driver and segmentizing risk, organizations can open doors to valuable new opportunities.
Many of our insurance customers use driver risk profiling to reach out with digital, user-based offerings. Fleets use it to identify high-risk drivers and target training accordingly. Telematics providers and fleet management companies are perhaps in one of the most powerful positions for monetizing AI and disrupting the current motor insurance model. They are realizing that, by uncovering new layers of risk knowledge about their customer base, they not only get a better understanding of risk and cost but can partner with insurance companies to offer tailored insurance products.
As more mobility companies focus their profitability agenda on retaining and increasing the number of customers who drive smart and damage-free, we are also seeing increasing demand for our loyalty program. In itself, such a program provides useful data insights to facilitate effective business decisions.
We are seeing faster changes in the insurance segment than ever before, and we expect this to continue in 2023. Largely driven by a shift in consumer and buying behavior, customers demand increased cost transparency and want to pay for their own, not others’ consumption.
With the help of our technology, motor insurers can quickly and stably sharpen their product range with cost-saving, environmentally friendly, and personalized solutions. Our way of using AI to convert GPS data into harmonized data and forecasts of risk gives everyone in the mobility value chain entirely new insights and conditions for doing better, safer, and more environmentally friendly business in 2023 and beyond.
I’m very proud that we at Greater Than can give the world this opportunity – which to many still seems like pure science fiction – to see current and future costs for risk in real-time. For me, costs are not just all about saving money but even more importantly; being able to reduce the number of crashes and their consequences.