Insurance Times Awards 2022: Greater Than is ‘passionate about disrupting the current insurance model’

Explain briefly about your entry in the Excellence in Risk Management category.

Greater Than entered the Excellence in Risk Management category to demonstrate how our artificial intelligence (AI) can help motor insurers make valuable, more profitable business decisions and, in doing so, help influence safer driving.

We are passionate about disrupting the current insurance model that is still based on collectivism and is counterproductive to road safety. The model does little to incentivise safer, cleaner driving and has a negative impact on profitability for insurers.

Greater Than’s cloud-based AI analyses global positioning system (GPS) data to provide a new level of risk insight, enabling insurers to identify the 15% of drivers who are responsible for 50% of crashes, as well as the 85% safer drivers.

Armed with this data, insurers can make strategic business decisions, such as increased pricing for high risk drivers and loyalty or reward programmes to retain safer drivers.

What do you think makes your entry stand out or different from your competition?

Unlike other providers of driver risk analysis, Greater Than’s AI can get started with just 1km of GPS data obtained via an application programming interface (API) or software development kit (SDK).

This makes the identification and pricing of risk easily accessible, efficient and affordable.

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

Winning this award would further increase our visibility and reach, enabling more insurers to realise the benefits of AI. In turn, this would increase profitability for insurers, ensure fair pricing for consumers and incentivise safer driving.