Telematics business Abax has launched a new, independent car insurance broker brand to deliver data-driven value to connected fleet insurance customers. 

The new solution uses AI tech from Greater Than to segmentise and price risk

Dubbed Fair, the spin-off business will initially offer insurance to the firm’s current customers in Sweden, who run some 200,000+ connected vehicles. The individual insurance risk will be underwritten by Eir, a fully digital insurance company.

The new solution has been developed in partnership with driving data analytics company Greater Than and uses its AI tech to segmentise and price risk. This enables transparent pricing and concrete support to customers to help avoid crashes – hence the name.

Emma Dyga, CEO of Abax Group, said: “Fair Car Insurance has arrived to provide a completely new insurance offering by utilising predictive driving behaviour for customer beneficial risk segmentation, transparent pricing, individualised insight and crash mitigation for improved road safety. The result is a tailored insurance offer that’s unlike anything else on the market.”

Fair’s mission is to simplify the underwriting and actuary process, using data-driven risk insights from Greater Than to calculate prices on actual risk level and distance driven. It also provides regular performance reports to customers, with targeted tips to avoid crashes, vehicle wear and tear, and insurance costs.

“Fair car insurance is born because we believe that car insurance can become better, so much better!” said Jørgen Johansson Skalleberg, CEO of Fair Car Insurance. “In line with our name, our mission is to simplify car insurance for business owners. And, thanks to our data-driven insights, we can create customized offers for all our potential customers.”

Greater Than’s globally unique data analysis uses AI to uncover driver impact insights from GPS data. This gives real-time crash probability intelligence that can be filtered according to customers’ needs; for example, to identify risk levels by fleets, geographical locations, days of the week, times of day etc.

“We’re proud that our driver scores give Fair a deep understanding of risk and have facilitated the launch of an entirely new insurance offer,” said Liselott Johansson, CEO of Greater Than. “Fair is a prime example of how the power of data can accelerate business development and deliver huge value to all stakeholders.”

It’s the latest collaboration between Abax and Greater Than, which have been working together since the spring of 2022, when Abax connected 200,000 cars to Greater Than’s AI data analysis platform. This provides crash probability scores across the Abax portfolio, giving an accurate risk landscape for precise risk mitigation, risk pricing and the monetisation of GPS data.