Greater Than opens subsidiary in Singapore in response to the growing business opportunities and increased demand for AI based risk insights and digital insurance solutions in the region.
The Singapore office is managed by Johan Forseke, with the responsible for sales and customer development in the ASEAN market, as well as delivering customer and technical support to both new and existing customers operating in insurance, fleet and OEMs sectors in the area.
“The new office reflects our ambition and dedication to providing high-end products and solutions in Singapore and surrounding regions with unparalleled, high quality delivering” said Johan Forseke “Singapore is a core market within the ASEAN region and it’s here were several innovation hubs are present. By establishing a base here, we are able to further expand our business and product offerings in the region as well as deepen our existing partnerships with AAS, MS First Capital Insurance Limited and ComfortDelGro at site.”
The opening of the new office in Singapore is part of Greater Than’s latest expansion strategy, a result of its strong performance over the last few years, which has seen demand for its AI based insurance solutions grow in foreign markets. Bringing the markets most reliable and competitively priced offering, Greater Than’s solutions and AI based insight into risk plays a vital role in the digitization process of many of the world’s leading insurance companies.
Tags: AI, GreaterThan, Insurtech, newmarkets, PredictiveAnalytics
Greater Than, leading provider of AI based underwriting and digital auto insurance software solutions, announced today that its database of autonomous deep machine learning and AI algorithms now has passed half a billion unique driving situation profiles used to identify and price risk in real time per individual car.
For many years, the insurance industry has waited and lagged a bit with real driving statistics and how it can be used to affect the price picture and lower damage costs. However, now new business models are here to take shape.
“As the only supplier in the world managing to price real-time risk, per individual driver and car, we’re constantly striving to provide stronger evidence and real insights about where the risk actually occurs for auto insurance carriers. With our database and AI, we can predict claims costs with almost incomprehensible accuracy and precision, which our business cases and partners today can provide the most outstanding evidence of,” says Sten Forseke, founder of Greater Than.
The advanced machine learning and artificial intelligence developed by Greater Than identifies the most subtle pattern and change in a driving behavior with 99.98 % accuracy by matching the driving behavior in real time per second to the company’s database of half a billion profiles of driving situations, no matter where in the world the driver is driving. Due to the geo-independency of the solution, Greater Than today provide its service to underwriters around the globe to support a mitigated risk and a reduction of overall claims costs.
“Through our AI, we’ve learned that the more riskful drivers accounts for 80% of the car insurance claims, not only by being involved, or of being the reason of the accident more frequently, but also by being involved in the accidents with highest damages and claims costs. Insights that of course creates enormous value for our customers,” Sten Forseke continues.
With a real-time insight into risk and claims frequency, insurers can for the first time accurately calculate risk and damage frequency and be able to price risk accordingly. Greater Than’s solution Enerfy scores the driving behavior in real time into 15 different risk levels. Where everything over 10 indicates a high-risk driving behavior.
Link to the pressrelease
Tags: AI, connectedcars, digitalinsurance, Insurtech, realtimepredictions
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