“With pooled pricing, only 20% of the pool wins. 80% of the sample pays for the 20%”, says Sten.
The triple espresso-loving Swedish entrepreneur has used his background in the automotive technology space to found Greater Than. The AI-based data analytics business is helping automotive OEMs, insurance carriers and new mobility better understand risk on the roads and predict future accident probability per individual.
As for changes to the future of the motor insurance industry, Sten says they’re larger than the industry is prepared to digest. He cites the 3 key factors of the pandemic, climate and road fatalities that will drive change in the industry and believes, “Pooled pricing drives poor behaviour, the industry has to become more individualised.”
Sten talks about the value insurance professionals can bring to Greater Than and the types of personalities that can succeed in a customer-centric, fast-paced environment.
“If you don’t like to be visible, don’t work for an insurtech. If you dare to jump, jump with your heart and you will be rewarded.”
This episode of the Insurance Coffee House Podcast was first published on 7 September 2021
Podcast hosted by Nick Hoadley, CEO, Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses across the globe.