AIFinTech100: Greater Than is leading in AI innovation
This week, Greater Than was included in the AIFinTech100 2023 list, a prestigious ranking of the world’s most innovative companies who are developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services.
FinTech Global, a specialist research platform for all things FinTech, published the list of finalists who were selected by a panel of industry experts and analysts based on research on over 2,000 FinTech companies.
“Generative AI tools like ChatGPT have shown how advanced AI technology has become,” said FinTech Global Director Richard Sachar. “Financial institutions will need to explore how they can leverage the latest AI and data analytics technology, or they risk being left behind by competition. The new AIFinTech100 list gives senior decision-makers the knowledge of the best vendors in the market and those leading the charge on innovation.”
To coincide with the listing, we conducted a short interview with our Founder and Director Sten Forseke to discover more about how Greater Than’s AI is transforming insurance, and to hear what the future holds for Greater Than.
What does the motor insurance market currently look like?
The market is growing at a nice pace. However, there are only a few pockets around the globe where motor insurance is profitable. In too many countries loss ratios are far too high to allow carriers to make money.
Can you see any trends in the market?
A strong trend is data – real data, not just Excel data. This opens opportunities for start-ups and new carriers to challenge the incumbents because, with data, they can become much more knowledgeable in understanding predictive risk insights compared with the incumbents’ model of understanding risk.
How is AI used for good in motor insurance?
AI is very, very good for motor insurance because it allows premiums to be based on actual risk. That means there will be far fewer road injuries going forward. Why? Because 50% of car crashes are due to poor risk attitude. And when you make people aware that they have a poor risk attitude, many of them are not willing to pay for that and will change their behavior.
How is AI changing motor insurance?
AI will change – and is changing – motor insurance quite dramatically. Risk buckets will be based on crash probability rather than age, where you live, and driving experience. It will be priced to actual risk. This means that, not only will carriers become more profitable, they will also reduce the number of road injuries.
What does AI do that humans can’t?
AI can crunch so many more numbers than humans ever can. Our AI takes the same amount of decisions as 37,000 actuaries every day. It does it in the same way every time, with no bias.
What five words would you use to summarize the benefits of AI in motor insurance?
Better profitability, fewer road injuries.
What does the future look like for Greater Than?
The future of Greater Than lies in the hands of our AI, which has 20 years’ experience of understanding who is going to cause a crash and at what cost. This enables it to identify the 15% of a sample with poor risk attitude that will cause 50% of crashes. With that information we are going to change, and are changing, the dynamics in motor insurance. The future for us, given the market conditions, is bright.
What does it mean for Greater Than to receive this recognition?
It means a lot to us. It means credibility that businesses and the public know who we are and what we do. It’s a big honor for us.
Watch our full video interview with Sten to hear more about how AI is transforming motor insurance and what the future holds for the insurance market.
