New ideas on claims are needed fast across the car insurance sector. That’s just our opinion here at IE mag because we still see insurers and brokers reacting to claims when bad weather hits, a bank holiday arrives, or there’s a Retired Uni Lecturer Convention on the M25.
But others are working on predicting accidents, yes, actually using real time data and trends to gauge where the potential hotspots might be. Imagine the savings in FNOL, recovery, vehicle storage, even lives saved, by offering policyholders timely advice, not just a renewal notice after 10 months. Just saying. Here’s some news on a very useful partnership;
The AI risk analysis and SaaS company Greater Than and TomTom, the mapmaker and location technology specialist, have developed a proof of concept (POC) to assess the potential to globally predict where, when and why road accidents occur. Furthermore, the companies aim to expand and leverage vehicle data to better understand how to enhance road safety and lower carbon dioxide emissions caused by road users.
“We’re at a stage when we need and want to understand our road environment better. There is an urgent demand to proactively work at quickly lowering carbon emissions and road accidents on a global scale. With this POC and a partner like TomTom, we’re taking the lead on transforming vehicle data into vital information and developing a concrete solution to a global issue,” said Sten Forseke, Founder of Greater Than.
Greater Than’s AI has identified over 7 billion different driving behaviors and assesses which behaviors are high risk and most likely to be involved in an accident. This data analysis is particularly valuable for commercial enterprises within the insurance and mobility sectors. In conjunction with the anonymized vehicle data from TomTom, Greater Than now aims to take its risk prediction even further.
“TomTom looks to collaborate with companies who share in our mission to reduce emissions and make the roads safer. Greater Than aims to do just that and we’re eager to see the results of our collaboration,“ says Andrea Stucchi, VP of Sales at TomTom.
The study is expected to be completed before the end of 2021.