Insurance Times Awards 2023: Greater Than hopes to shake up commercial motor insurance industry

What made you enter the Excellence in AI category?

Greater Than entered the Excellence in AI category because we’re passionate about the positive impact data analytics can have in the commercial motor insurance industry.

We’ve demonstrated that AI empowers insurance companies with deep driver risk insights from their own driving data, with no additional technology required.

Insurance companies already have the data they need, with AI they can make it much more valuable, supporting risk mitigation efforts, loss ratio, pricing of risk for quotation, renewal and ongoing pricing. Enabling insurers to see the future makes a huge difference to profitability, while incentivising safer driving.

What do you think makes your entry stand out and why should you win the award?

At Greater Than, our pattern AI technology enables us to understand driver impact on the roads in a unique way.

By analysing per-second GPS driving data, we can create a DriverDNA for each trip and compare it against our database of over 7bn patterns to rapidly determine crash probability and climate impact.

This puts insurance companies in a unique position. They no longer have to rely on historical data/lagging indicators to measure risk. Instead, they can use real-time data to predict crashes before they happen.

What would winning this award mean to you and your firm?

We’d be thrilled as it would further highlight the power of data and the importance of data analytics.

We’re so keen to raise awareness of the fact that commercial insurance companies don’t need any additional data or hardware to uncover new insights about driver impact. Via a simple API connection, they can share their data with us and reveal new layers of intelligence that will deliver significant benefits to them and their customers.

This includes pricing based on risk level, feedback to help drive down risk and CO2 emissions data for ESG reporting, an important consideration for commercial customers today.