In order to break into the market for commercial auto insurance, the well-known telematics company ABAX, which primarily operates in the European market, has formed a partnership with the artificial intelligence analysis platform Greater Than. This partnership is intended to help ABAX break into the market.
ABAX’s new telematics-powered auto insurance solution is a “dynamically priced” product that is aimed at B2B fleet subscribers in Norway. The offering is being made available by ABAX. Customers benefit from greater pricing transparency, and they are guaranteed to pay less for their auto insurance thanks to pricing decisions, which compares well to more conventional policies. In addition, ABAX is providing this insurance through a collaboration with the carrier Tryg.
Greater Than is an artificial intelligence (AI) data analytics firm that holds a system that can forecast the chance of a crash in real time, in addition to the CO2 impact per driver. The new insurance product that ABAX is going to sell will utilize this technology in order to provide dynamic pricing.
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A release stated that ABAX and Greater Than had at first and managed to enter into a collaborative effort in the early summer of 2022, with the goal of blending ABAX’s capability to provide attached fleet products and services with Greater Than’s functionality to transmit information about the vehicle via an API connection to its cloud-based AI data analytics for sales and marketing modeling. This partnership was initially announced with the intention of combining these two capabilities.
According to Morten Strand, CEO of ABAX, “Integrating the two systems provides a tremendous benefit in the market situation.” When paired with the industry-leading AI platform from Greater Than, the ABAX platform, which features real-time data, will produce one of the most effective risk assessment tools for the insurance sector. Because of this partnership, we were able to establish the very first data-driven insurance solution for B2B clients together with Tryg Norway.
Liselott Johansson, CEO of Greater Than, remarked that it was “exciting to work with ABAX on their journey into this new field of using mobility data in the insurance business for the B2B market.” “It is exciting to work with ABAX on their adventure into this new field. They pioneered the beginning of the telematics industry’s next phase. Their knowledge of the market, along with our skill in risk assessment and accurate pricing, makes us the ideal group to keep to shake up the industry and advance at a rapid rate.