InsurTech100: How Greater Than helps increase profitability
A solution for understanding risk and monetizing GPS data
We were delighted to announce our inclusion, for the third time, in the InsurTech100 list earlier this week.
The prestigious global InsurTech100 list, now in its fifth year, is an annual list of the innovators and pioneers providing solutions to address the most pressing challenges faced by the insurance industry. It is produced by specialist research firm FinTech Global, and this year a panel of industry experts voted from a longlist of over 1,800 companies to identify the top 100.
According to FinTech Global director Richard Sachar, “The InsurTech100 lists helps senior insurance executives in the industry filter through the noise in the market by highlighting the tech companies transforming sectors such as underwriting, embedded insurance, pricing, distribution and data & analytics.”
To coincide with Greater Than’s inclusion in the InsurTech100 list, FinTech Global conducted an interview with Greater Than Founder Sten Forseke. In it, Forseke highlights the “wealth of opportunity” for insurers in the automotive industry, and how AI can help identify new revenue streams. See extract below:
The power of AI and telematics
In order to be profitable and meet new customer demands, “insurers must understand risk much quicker and in a more granular way than they do today. AI is key in helping them do this.”
Using machine learning, Greater Than breaks down driver behavior into thousands of data sets. This allows its AI to see previously invisible patterns. Successful AI relies on high quality data. This is where telematics comes in.
Forseke predicts that the larger Telematics Service Providers (TSPs) will own the entire fleet market, taking this from the insurance carriers. This is because they sit on a massive amount of GPS data. Further, they have picked up on the trends such as more flexible insurance solutions and usage-based policies.
Read the full interview here
