European telematics Internet of Things (IoT) platform ABAX has introduced its new data driven technological innovation ‘Fair Car Insurance’ in the Norwegian market.
The new data-driven solution is set to optimise insurance premiums for commercial vehicle fleets by analysing driving behaviour.
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At first, Fair Car Insurance will cater to ABAX’s substantial Norwegian customer base, which includes more than 200,000 connected vehicles, all equipped with digital logbooks.
With its launch, ABAX aims to address the significant concern of personal injuries in traffic, particularly those that occur during working hours.
By providing monthly reports on driving behaviour, Fair Car Insurance is projected to help companies understand and mitigate traffic risks, potentially reducing accident rates involving employees.
Developed in collaboration with another company Greater Than, it utilises predictive risk insights to offer equitable insurance premiums.
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By GlobalDataBesides, Eir, a fully digital insurance entity, is backing Fair Car Insurance with insurance capacity and claims settlement.
Eir is also in charge of distribution, claims handling, insurance coverage, as well as administration on behalf of Fair Car Insurance.
ABAX group CEO Emma Dyga said: “The launch of Fair exemplifies how we can use relevant mobility data to accelerate business development while providing great value to customers.
“The unique aspect of Fair is that customers can continuously influence their risk and insurance costs. This is part of our strategy to offer value-driven services based on actual data in the future.”
The introduction of Fair Car Insurance in Norway follows its launch in Sweden in November last year.
With the intention to expand further, Fair will soon be available to more individuals in Sweden and other countries later this year.
Fair Insurance CEO Jørgen Johansson Skalleberg added: “Fair was founded on the idea that car insurance can be significantly improved! Thanks to our data-driven insights, we can create tailored offers for all our potential customers.
“We calculate insurance premiums based on actual car usage, and from our launch in Sweden, we’ve seen substantial savings for our new insurance customers.”
