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.

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Tags: AI, connectedcars, digitalinsurance, Insurtech, realtimepredictions

Greater Than enters partnership with Zurich Insurance and Sixt Ireland

Greater Than now enters the Irish market by entering a partnership with Zurich Insurance UK and Sixt Ireland. With a common goal to increase safety and driver influence in the car rental industry, the partners will implement Greater Than’s AI-based, digital risk assessment platform on the entire Sixt car fleet on Ireland – giving more than 3500 vehicles a new, user-based management tool.

The partnership makes way for Zurich Insurance and car rental company Sixt on Ireland to integrate a user-based, digital risk assessment and fleet management solution on the entire Irish Sixt fleet. For Sixt customers the system aims to increase safety and reward a safe driving behavior, which is possible through technology from Greater Than that uses AI, machine learning and Big Data to calculate and price risk in real-time.

“We are continuously looking for innovative solutions that can enhance our business processes, and this AI-based tech platform is of great value for that advancement. Influencing drivers to drive safer is essential to us and this is another good example of thinking outside the box”, says Darren Stoddart, Senior Underwriter, Emerging Motor Risks at Zurich Insurance.

Zurich Insurance is one of the world’s leading multi-insurers that operates in more than 170 countries. The client Sixt Ireland is a part of the global Sixt Group, who provides high-quality mobile services in more than 2100 stations across the globe, managing a total fleet of more than 238 000 vehicles.

AI-based technology going global

Greater Than and its AI-based platform Enerfy offers real-time risk profiling and individual premium pricing for auto insurance. The growing company has established several insurance solutions in Northern Europe and Asia, while recently also entering a partnership with the global organization FIA, Fédération Internationale de l’Automobile, to create a new global competition, FIA Smart Driving Challenge.

“Joining forces with three major partners like Zurich, Sixt and Marsh demonstrates that our strategy to establish global presence is underway. This is a large step on our path towards international expansion” says Liselott Johansson, CEO at Greater Than.

The partnership was managed by Marsh, one of the global leaders in insurance broking and risk management with operations in more than 130 countries.

For pictures and more information, go to the Greater Than media bank here: News.cision.com/Greater Than

Tags: Greater Than, Insurtech, Sixt, Zurich Insurance