“The big take is the time advantage over any other risk model. You understand risk up front rather than wait to see how it turns out”, 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 by heart and you will be rewarded.”
The Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO of Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses in the United States and UK.