Greater Than today announce that the company further extends its cooperation with Mitsui Sumitomo Insurance (MSI). The Sweden-based insurtech and AI risk insight provider continue to deliver high-performance solutions and risk insight for MSI by delivering a behaviour and usage-based car insurance (UBI) solution for Carro, the South East Asia’s automotive marketplace.
With the new cooperation, motorists in South East Asia will enjoy tailored insurance policies and pricing that reflect their actual driving behaviour. Instead of the traditional packages, the auto insurance premiums and bonuses will be calculated based on the AI technology from Greater Than, which analyses driver behaviour and distance travelled in real-time.
“We are confident that this new offering with Carro will build a new business model for car insurance in the Southeast Asian region and beyond, while also directly improving the customer experience. We will be conducting demonstrations and collaborative research projects with Carro, and the learnings from this knowledge-sharing journey will be used to develop global products and services that better serve the needs of Southeast Asian drivers,” said MSI general manager of digital strategy department Tomoyuki Motoyama.
The new digital offering connects the user to the insurance directly via an app2car solution. The product will first launch in Indonesia before embarking upon a full rollout to Thailand, Malaysia and the wider Southeast Asia region. As one of Southeast Asia’s largest automotive markets, Indonesia is witnessing rapid growth in car ownership.
“We are delighted to support MSI’s and Carro’s drive to redefine auto insurance experience towards a more user-based. This collaboration is part of our broader strategy to work with our clients to co-create new digital experiences for their customers and partners”, said Liselott Johansson, CEO Greater Than”While user behaviour auto insurance is more widespread in the US and Europe, it is just beginning to take off in Southeast Asia. We aim to bring data science and AI into the insurance industry through this collaboration with MSI, who have a significant regional presence and – like us – have also been extensively exploring the UBI space”, said Carro CEO and founder Aaron Tan.
By introducing this UBI, Carro and MSI seek to reduce accident and injury statistics in the country by encouraging safe driving behavior.