Entrepreneurship

This Swedish startup uses AI to help insurance carriers, automotive OEMs take better decisions; raises €13.4M

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In the current scenario, the auto insurance market and usage-based business models are increasing around the world. The demand is increasing as Artificial Intelligence (AI) is looking to take centre stage within the industry. In a recent development, a Stockholm-based insurtech provider of AI-based risk intelligence, Greater Than, has raised SEK 136M (approx €13.4M) to scale its AI technology.

Investor in this round

The company has completed a directed share issue of approximately approx €13.4M and has gained a new, active and long-term shareholder. In a press release, it mentions that the share issue has been subscribed in its entirety by Cuarto, a subsidiary in the Nidoco group owned by Alexander and Albert Ehrnrooth.

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Nidoco group is a Swedish investment company whose strategy is to create long-term value through active ownership in public and private companies. Nidoco has direct and indirect investments in more than 250 unlisted companies globally. In total, the investment firm’s subsidiaries and associated companies have annual sales of more than €6.7B and more than 15,000 employees.

Use of the funds

According to Greater Than, this raised capital will help the company to further accelerate its revenue generation and grow organically around the world.

“We have a number of collaborations globally with strong momentum in both Europe and Asia. With the capital injection, we’re investing further in market growth and presence. This is excellent timing for us now to meet the increased demand of AI-based risk insight, and digital insurance and mobility products”, says Liselott Johansson, CEO of Greater Than.

About Greater Than

The company was founded in 2014 by Sten Forseke and currently led by CEO Liselott Johansson. It is an AI and insurtech company that provides predictive risk insights on claims frequency and cost. In this way, the company helps global insurance carriers with better pricing of premiums, smart customer retention, and targeted customer acquisition, claims the company. 

“The advantage with our AI solution is; simplicity and cost of usage, accuracy and individualisation of risk, as it predicts the loss cost per car, rather than for a large pool. On top of the core predictive risk insight, the company also provide digital insurance solutions, loyalty programs and driver gamification, primarily for insurance and new mobility,” says the company. 

Based on the company’s AI technology, the company’s flagship product Enerfy Global provides 480 solutions on its platform including AI pricing, digital insurance, gamification, and driver influencing Apps.

The company’s product portfolio includes Enerfy Risk Portfolio Tracker, Enerfy Loyalty, and Enerfy Insurance Products, as well as additional services and apps for dynamic pricing, car sharing, fleets, leasing and driver gamification. 

It partners with large insurance enterprises such as Zurich, MSIG, and with Toyota. Greater Than is listed on Nasdaq First North Growth Market. 

The company partners with FIA, a motor organisation, and provides the platform for FIA Smart Driving Challenge, a road safety initiative within the framework of UN’s Action for Road Safety.

Recent developments

The company has recently extended its partnership with MSIG’s Global Digital Hub in Singapore and to offer a predictive risk insight, app-based solution to Car Club, Singapore’s first car-sharing service provider. The collaboration will offer a safe driving program to MSIG’s corporate client, Car Club and further promote road safety awareness in Singapore.

The insurtech provider was also selected by Microsoft to showcase Enerfy in their BuildFor2030 Campaign ­- featuring its products and solutions that positively contribute to supporting the UN’s SDG 13: Climate Action.

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