Telematics Service Providers (TSPs) sit on massive amounts of data. Data that has the potential to uncover valuable business opportunities. Until recently, the value of this was under explored. Now, TSPs are realizing the new revenue streams available to them, using the GPS data that already exists. Thanks to AI, monetizing mobility data has become a reality.
A simple cloud-based connection is all it takes to start the journey to monetizing mobility data. With a deeper, more thorough analysis of GPS data, TSPs can explore ways to achieve specific business goals and better meet their customers’ needs.
So well placed are TSPs for uncovering new business opportunities that they could be poised to take a large share of the fleet insurance market from traditional carriers. This is because they have the GPS data readily available to them. They can see the risk level of every driver in their customer-base, and are well placed to offer a tailored, data-driven insurance solution for the safest drivers.
ABAX is one of the largest telematics companies in Europe, with solutions for mileage claims, as well as vehicle, equipment, and tool tracking. With over 500,000 tracked units, ABAX started a journey in 2020 to expand into the development of mobility data solutions to enter new verticals like insurance and leasing. The aim was to be the preferred data provider for the B2B industry on a broader scale.
Although ABAX’s previous offerings and pricing model 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.
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. The initial market phase obtained a 40% conversion.
Discover more in the full case study: Telematics company ABAX enters the motor insurance market by using Greater Than’s AI pattern profiling to predict driver risk
To coincide with our inclusion in the 2022 InsurTech100 list, FinTech Global conducted an interview with Greater Than Founder Sten Forseke about how AI can identify new insurance revenue streams.
For many telematics service providers, it’s a dream to monetize their data and discover new business opportunities. Now, thanks to artificial intelligence, that dream is becoming a reality.
With pattern AI, TSPs can position themselves closer to their fleet customers while delivering solutions that stand out from the competition.
