ABAX launches Fair fleet insurance brand

ABAX has launched Fair, a new independent car insurance broker brand developed to deliver data-driven value to connected fleet insurance customers. 

The business utilises artificial intelligence (AI) technology from Greater Than to segment and price risk.

Fair will initially offer the insurance to ABAX’s current customers in Sweden, a volume of more than 200,000 connected vehicles.  

“Fair Car Insurance has arrived to provide a completely new insurance offering by utilising predictive driving behavior for customer beneficial risk segmentation, transparent pricing, individualised insight and crash mitigation for improved road safety,” said Emma Dyga, CEO of ABAX Group. “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, supporting profitable development while delivering fairness to customers. To do this it uses 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. 

Greater Than’s data analysis uses AI to uncover driver impact insights from GPS data. The result is 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.”