From big data to edge technologies

The global market for IoT and AI is expected to reach USD 16.2 billion by 2024 (an annual growth rate of 26%), according to a report by Markets and Markets. The estimated growth is mainly driven by the fact that AI can help to reduce the cost of prediction significantly. Prediction is needed to be able to assess the value, price and outcome of, for example, manufacturing processes, medical research and analysis of human behaviour. AI helps to provide an almost consistent picture of reality. At an exceptionally much faster and more cost-effective pace than any traditional excel calculation could ever be done.

And now that we know it and want to be able to get it, we may be facing the biggest challenge; how do we implement it?

Being connected and maintaining powerful data processing in cloud services will not be stable enough. Data is heavy weighing, and more data creates latency and in the worst-case downtime that is completely devastating, for example, for a self-driving car, medical devices or clinical decision support systems.

The latest within AI, and what we work with is called “edge technologies”. That means smaller, smarter systems connected to the larger cloud AI. The smaller, smarter micro AI system is extremely able to calculate which data sources and bits that should be sent to the larger cloud AI for valuation and which should not. With the help of the micro AI, the system can run without the risk for latency or downtime.

Shortly, several processes, components, tools and products, as well as bodies, will be chipped and equipped with such similar micro-edge AI. Exciting, isn’t it? I don’t know about you, but I am looking forward to following this development.

October 15th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AI, connectedcars, Insurtech

Why every insurance company needs Enerfy Loyalty Program

Customer behavior in car insurance is changing significantly, and insurance companies are facing an increasing demand for digital services and personalized customer offerings. Simultaneously, increased competition from full-coverage insurances and product manufacturers, with a digital lead, enables improved business models that increase customer loyalty. But regardless of this, there are bonuses to be won and cloud services to use to get there. Learn how insurance services firms can increase speed and agility to deliver compelling products and services in addition to their existing offerings.

Putting the customer and insurer relationship first, we launched Enerfy Loyalty this spring. The product offering is entirely powered and based on our seven patented AI predictive risk analytics tools.

Artificial Intelligence has already boosted and developed the fintech sector at large. The turn has come to auto insurance and the new mobility and the growing number of car-sharing services. With our AI, we identify and forecast who will cause claims to what cost – which is the prerequisite for building the required transparent and dynamic pricing models that are needed. With the underlying AI real-time loss ratio prediction, Enerfy Loyalty deploys the possibility to utilize aggregate data per individual user in real-time without interfering with the existing technology or policy. An offering that empowers insurance carriers with entirely new ways to both creating hyper-personalized rewards for the end-user, and at the same time, gain unique predictive insights per every end-user.

The unique combination of the loyalty program and the in-depth AI predictions equips insurers with an invaluable advantage. In the short run, it will take underwriting and insurance pricing to a whole new level – which less progressive and lagging behind counterparts would miss out.

By only using the smooth and easy-to-apply solution Enerfy Loyalty, insurers get equipped to roll out with useful end-user apps while seamlessly transforming into data-driven companies powered to release locked value. On the base of the loyalty program, Insurers can step by step, build their business around data, drive trade across their motor books in a whole new way, and reach out with compelling offerings.

Want to learn more about Loyalty? Business Insider highlights the broader perspective of its usefulness and gains in this article.

August 26th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AIpredictions, connectedcars, EnerfyLoyalty, Insurtech, Riskportfoliotracker

Greater Than Granted Seven Patents in the US

We’re proud to announce that The United States Patent and Trademark Office (USPTO) had issued Greater Than’s seven patents covering our Artificial Intelligence Methods. The seven patents serve to protect further our methods and AI-based technology surrounding the evaluation of driving data on an individual driver level.

Since our inception in 2004, we’ve been a pioneer in the field of AI development. We early understood what the future would bring when it comes to the usage of Artificial Intelligence, both for calculations and for products. A vision due to the core of our business, which is the development of Artificial Intelligence methods based on driving data and driving patterns, and AI-based products that highly support and evolve industries involved in auto and driving risk insights.

With our patents granted in the USA, we have strengthened our business offering at large and reached another milestone. Our technology and platforms are now firmly positioned, and we’re much looking forward to broadening our scope. Things are vibrant, and we cannot wait to create extensive opportunities for our customers within insurance, auto manufacturing, and the new mobility in the benefit of sustainable business models, with reinforced technologies as the base for their end-user products.

April 24th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AI, Insurtech, Patents, USA

Congratulation electric vehicle drivers, each charge will last for longer

As recently launched in a press release, our AI-based Enerfy Global service is now fully adapted for electric cars (EV’s) and hybrids, tailored for Insurance companies, car manufacturers, and fleets that deal with electric vehicles. As a bonus of the launch, the driver assessment functions also provide a robust tool, so that the driver of the electric car or hybrid can get increased control over the battery capacity. In short, they get the opportunity to get out more mileage per each charge, given our real-time driving feedback.

While our AI correlates individual driving patterns to the probability of being involved in an accident, it also analyzes the relationship between driving behavior and energy consumption in real-time. Through this, Enerfy Global provides a breakthrough product with the benefits, including real-time monitoring, how driving style affects the car’s battery. The driving assessment puts the driver in higher awareness and control by its instant feedback. By gaining real-time information on battery consumption according to driving behavior, the driver can immediately adjust the driving behavior to a less energy consumption one, and by doing so, get the most out of every charge.

Greater Than’s AI algorithms have been practicing real-time driving data from electric cars and hybrids around the world for an extended period. The result is that the AI can boast an accuracy of 99.98 % in its risk analysis, even for drivers not have onboarding diagnostic readers connected in their cars. The accuracy of the AI risk assessment is, however, at the same level as it is when supported by an onboard diagnostic reader (OBD-reader) attached to the vehicle. This precision, done even without connected hardware, witnesses of the magnitude of ourAI. An AI capacity we’re very proud over – especially as we’re alone in the world to deliver such, no matter vehicle or fuel used.

April 16th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AI, connectedcars, Insurtech, riskprediction

Let’s speed up the backing of variable costs

Have we come to a point where car insurance is not sure to be a one-and-done deal? Have user-based insurances taken the chance to do the grand entré finally? We hope so! Connected car services per see can soon be mandatory, according to the EU, for the benefit of road safety and sustainable economy. But there are other urgent causes.

For example, take the gig economy in transportations. With all the on-demand services that many of us have made great use of. We’ve had almost endless cab alternatives to get an easily accessible and cost-efficient ride, with such as Uber, Lyft, and so on. Now, these services have been hit hard by the novel coronavirus pandemic. Some say that the riding volume has dropped by as much as 60%-70% in general in recent days. Unluckily, the cost of the cars has not followed the same downward curve and remains the same for the drivers. Doing simple math, one can easily understand how economically unsustainable this is. If a car stands still for the majority of the day, should one pay as much insurance cost as if the vehicle was out running in the traffic? Of course not.

The same applies to private motorists. Despite some of us barely utilizing the car we own, we have nevertheless been accustomed to paying full insurance premium per month. Regardless, if we drive just a few miles or 100 miles a month, this has been since ever – until most recently. New digital technologies enable new options. Today, some insurance carriers are testing off connected UBI (usage-based Insurances). In most cases, a win-win for both the policyholder and the policy provider.

We know the demand for personalized and connected insurance offerings taps on the door for many reasons, and we’re standing at the brink of this change. By speeding up and backing car owners and professional drivers now in their urgent need for variable cost, insurances couldn’t possibly feel more immediate and needed as it does in this particular moment.

Mars 25th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: connectedcars, Insurtech, UBI

We don’t know when the risk is there; we are only humans

Imagine that you would receive immediate feedback on at what level of safety and energy-efficiency you are driving. What if a smart, safe and stable ride would give you, let’s say, sharply reduced insurance premiums at the end of the year. Or that your smooth, focused driving with the rental car is immediately rewarded with bonus points to be used for something fun or tasty during the trip. Or even better, make the car rental cost cheaper. At the same time, a risky, stressful driving behavior would not pass unnoticed.

This is the reality for them who today use AI-powered driving analysis in their cars. They gain real-time insights and feedback on their driving behavior at such a level no human or human calculation ever could have the capability or capacity to give them. And they gain not only insights on how they drive but also get promoted when they do it well and safe.

Until most recently, this was impossible, even for Artificial Intelligence to achieve. AI needs to be trained for years on real driving data, information and driving situations to maintain such knowledge at such precision. By connecting our AI into vehicles and smartphones, we have contributed to making drivers around the globe drive much safer. We know using AI-based real-time assessment is unbeatable and one of the most empowering road safety activities one can conduct. I will explain why it’s so.

As humans, we need to understand the fuller picture, or we don’t seem to get it otherwise. As when we have an app’s telling us about how we are behaving when it comes to walking, drinking, exercising, even how we sleep. The daily result per se doesn’t tell us so much. But when we get the summary from, let’s say a whole month, we get the perspective needed to understand that if we are changing, just a little bit on the margins, it will make us reach our aim. It nudges us to try a little bit harder, improve our selves step by step, all in all, to gain results, and feel much better in the long run.

That’s how we know that the same goes when it comes to real-time driving assessment. When starting to use it, it’s hard to stop. You want to be the brilliant and safe driver you always thought you were, and remain so. Driving without such services leaves us with a feeling of being empty-handed. When starting being aware of any potential danger and risks, who can ever go back to drive without actually knowing if putting oneself and others to danger. It’s like not using the seat belt, even though you know it is excellent protection. Deeply embedded in our DNA, we all want to stay safe and protected. That’s why we want to know what’s going on. We’re only humans.

Mars 17th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AI, connectedcars, Insurtech, roadsafety

The new dynamics of car insurance is named the end-user

New in-depth insight into existing customers and an extensive loyalty program on top of a current portfolio is a good start for getting ready for the new sharing economy and user-based insurance. But is it that simple?

What sounds like a smooth transition is one of the biggest challenges today’s insurers are facing. Simply put, the math that weighs the cost of potential risks against the value of rewarding good behavior is challenging. Add to that the fear of not being able to recover already lost money at the ever-increasing receivables costs.

Don’t we recognize this? Isn’t what every industry is facing in shifts? Old business models are being replaced. User behavior is in focus. I’m thinking of, in the example, the great transition the whole mobile phone industry went through. Before and after apps.

Car insurance today is based on monthly payment and deductible—cost based on traditional statistics, where the vast majority also pays for the riskiest policyholders. As a result, most policyholders are likely to choose the insurance that covers them the most and costs them the least—the cheapest in short. And with no incentive whatsoever to behave well, drive safer or even to remain loyal as a customer.

But if there were benefits or anything else that allowed one to affect the individual costs personally.

The basis for this is what we call UBI – user-based insurances – Insurance policies that are personalized with perks and benefits. Based on an individual’s usage and behavior with personal treats. This, at no surprise, is also one of the most potent triggers to promote better driving behavior and strong loyalty. We know some about this.

End-users using our UBI solutions improve their driving behavior and dramatically reduce their energy consumption – in less than a month. The number of accidents decreases by up to 50% and fuel consumption by 15-25%. A little more surprisingly, we have also learned that drivers with services like ours continuously increase their safe and energy-efficient driving style on the road—all for the better for the environment, people, and road safety in general.

We also know that just by adding real-time analysis of risk and its insights to an existing portfolio, dramatically changes how risks are perceived and identified within an organization. It’s quite often a door opener to new and updated ways to build new business models.

But what comes first – the hen or the egg? Real game-changers like, in the example of, Spotify, Apple, and Uber, did put the end-user in focus from day one. Which other industries dare to do the same? One thing is for sure; the end-user focus is the next deal-breaker for the game.

Mars 10th, 2020 | By Eva Voors, Head of Communications, Greater Than
Tags: AIpredictions, dynamicpricing, Insurtech

Supporting a Dynamic Marketplace

Yesterday at the ESG Integration Summit in Stockholm, we’ve met with executive leaders, directors, institutional investors, and experts on integrating the Nasdaq ESG guidance and framework for disclosure of company practices.
An important conference where we at Greater Than, amongst other companies shared and demonstrated our best practices on how we implement and practices ESG, when it comes to areas such as transparency and sustainable carbon emissions.
As part of one of the panels, Liselott Johansson, CEO at Greater Than had the opportunity to showcase how an AI scale-up B2B enterprise as Greater Than is, in partnership with large enterprises highly can contribute to their overall strive and work towards the ESG goals. By providing innovative solutions that taps in to every step in their value chain, we highly contribute to rapidly decrease CO2 emission at large.

Tags: ESG, GreaterThan, Insurtech, NasdaqFirstNorth

Greater Than opens subsidiary in Singapore

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’s AI database reaches half a billion driving situations profiles that price risk in real time per individual car

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
Download the pressrelease as PDF

Tags: AI, connectedcars, digitalinsurance, Insurtech, realtimepredictions