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.
Sustainability has become an urgent business goal for fleets. Fleet management companies (FMCs) and telematics service providers (TSPs) have a unique opportunity to grasp the latest technology and race ahead of the competition in fleet sustainability management.
The prospect of a motor insurance revolution is a hot topic and there is currently much discussion around how technology is finally transforming the industry. But it’s not just motor insurance companies themselves that are part of the revolution, as other major players discover that by using their GPS data for risk analysis, they become part of the next generation of motor insurance influencers and providers.
By connecting 200,000 cars to Greater Than’s risk analysis platform, ABAX managed to identify new market entries in less than four months, segmentized target groups, and develop a tailored insurance offering for its fleet customers.