The Insurtech 100 company Greater Than has announced that The Arizona Department of Insurance approves the company’s personalized AI-based pricing embedded into a new dynamic motor insurance offering. Greater Than’s partner in the US, CoverCube, will launch the new offering in Arizona during fall 2021, together with the insurance carrier Aegis Security, licensed in 50 states in the US.
“To be approved by the authorities in Arizona is a giant acknowledgement of our AI-based motor insurance offering. We’re very excited for what can be accomplished and how we highly can improve people lives by fewer accidents and decreased carbon footprint in Arizona”, – said Liselott Johansson, CEO of Greater Than
By inserting Greater Than’s AI analytics and pricing into the process, CoverCube and Aegis Security will accurately price risk and gain tools to nudge and inspire safer and more environmentally friendly driving. In addition, the insurance solution is known to speed up the underwriting process and reducing overhead for claims and administration.
“The historic car insurance industry must fundamentally change and become more simplified, fair, and transparent, providing individualized customer pricing for safe driving. With the help of Greater Than’s AI technology, CoverCube and our partner Aegis Security, we will together launch the most modern and dynamic car insurance in the US”, – said John Crispi, Founder and CEO of CoverCube
Greater Than’s AI technology holds seven patents in the US. The AI technology trains constantly on new and billions of historical driving patterns whilst assessing the driving risk and CO2 emission in real-time. The patented and unique AI method enables entirely new ways to predict, understand and price driving risks.
“We’re embracing the future of insurance, having a significant focus on the customer experience. By leveraging Greater Than’s AI data analytics and Covercube’s underwriting expertise into our mix of products, we’re firmly positioned to meet the increasing demand for much more flexible, dynamic, and transparent motor insurance products”, – said Pat Kilekenny, chairman of Aegis Security.