Greater Than, the leading motor risk analytics insurtech, has in partnership with the MGA Covercube and Aegis Security, tailored an entirely dynamic motor insurance with real-time assessment of risk by using AI.
In response to the strong consumer trends and the increased demand for insurance costs reflecting individual usage, as opposed to today's standard of pooled pricing, Covercube and Greater Than have developed a new UBI offering in cooperation with Aegis Security. The new auto insurance, which took less than three months for the partnering companies to develop, will enable fair and transparent pricing of premiums and extensive flexibility to manage the insurance directly in the app.
"AI-based risk analysis takes a step up in its abilities within auto insurance and plays a vital role in getting product positioning and pricing right. By approaching digital-first customers who really care for fair and transparent pricing and who request extended flexibility based on usage, we have found a perfect market fit with this offering." - John Crispi, founder and CEO of Covercube
Covercube's offering is a synergy of collaboration with independent insurance agents and the policy provider Aegis Security, where all parties share the common goal of pricing policyholders' premiums fairly, while at the same time encouraging them to drive safer and reduce their impact on climate change.
"We're very excited to see the increased demand for more flexible, dynamic and transparent motor insurance products in the US. As our core product is essential for correlating driving risk with actual cost, we're thrilled to provide the technical foundation of Covercube's firmly positioned offering." - Sten Forseke, founder of Greater Than