ABAX, a major telematics company serving the European market, is tapping into the commercial auto insurance market through a partnership with AI-analysis platform Greater Than.
The new telematics-powered auto insurance offering by ABAX is a “dynamically priced” product aimed at ABAX’s B2B fleet customers in Norway. The dynamic pricing allows for increased transparency for customers, while ensuring they pay lower costs relative to traditional auto coverage. ABAX is also offering the insurance in partnership with carrier Tryg.
Greater Than is an AI data analytics company that possesses a technology that can predict crash probability, as well as CO2 impact per driver, in real-time. This technology will be used in ABAX’s new insurance offering to provide dynamic pricing.
A release said that ABAX and Greater Than had initially entered into a partnership in spring 2022, with the aim of combining ABAX’s capability to provide connected fleet offerings with Greater Than’s ability to transmit vehicle data via an API connection to its cloud-based AI data analytics for business development modelling.
"Integrating the two platforms is a huge competitive advantage,” said ABAX CEO Morten Strand. “The ABAX platform with real-time data, combined with the leading AI platform from Greater Than, will provide one of the best risk analysis tools in the insurance industry. This collaboration enabled us to develop the first B2B data-driven insurance solution together with Tryg Norway.
"It is exciting to work with ABAX on their journey into this new field of using mobility data in the insurance business for the B2B market,” added Greater Than CEO Liselott Johansson. “They break ground for the next generation of telematics. Their market expertise and our competence in risk analysis with precise pricing make us the perfect match to continue to disrupt and develop at a fast pace."
