Ford and Verisk collaborate to offer telematics data to insurers
Verisk , a data analytics provider, announced that Ford Motor Company has joined the Verisk Data Exchange. Owners of eligible Ford and Lincoln vehicles will soon have easy access to usage-based insurance programs from the many US auto insurers that connect to the Exchange—including three of the ten largest US carriers.
Usage-based insurance (UBI) can give drivers greater transparency and control over their insurance costs. These programs typically offer personalized safe driving discounts that can help consumers save money and promote road safety. The new telematics integration with Verisk will make it simple and convenient for consenting drivers of connected Ford vehicles to securely share their driving data to unlock these offers and benefits—no additional hardware or apps required.
“Ford is committed to connecting our customers to valuable services that can help them reduce their total cost of ownership and get more out of their Ford vehicle — usage-based insurance is a great opportunity to do that. Verisk’s ability to ingest Ford vehicle data and provide insurance-ready information offers insurance providers access to usage-based insurance products without the need to manage any additional vehicle hardware.” – Alex Purdy, director of business operations, enterprise connectivity, Ford Motor Company.
The Verisk Data Exchange makes it easy for insurers to access driving data from connected Ford vehicles to help them develop, launch, and grow telematics-based insurance programs and reward qualifying drivers with insurance discounts. The Exchange employs advanced, proprietary analytics to refine driving telemetry from connected Ford vehicles into normalized, insurance-ready information, including Verisk’s leading rating and scoring solutions.
With the driver’s consent, insurers can access the telematics data they need from Ford vehicles to generate an accurate UBI discount in one of two ways. Through a Verisk Driving Data API, insurers with their own UBI scoring models can receive driving behavior data that has been custom-tailored to meet their algorithm’s specifications. Insurers can also use Ford data with the Verisk Driving Score, a proprietary loss model and rating rule that is filed and available in 43 states, as a turnkey way to quickly enter the UBI market. Both products can streamline the UBI experience for consumers.
“The addition of Ford to the Verisk Data Exchange will help the growing number of insurers looking to expand their UBI programs with connected cars. We’re excited to connect Ford drivers with these insurers and, most importantly, make it easier for everyone to benefit from UBI.” – Karthik Balakrishnan, general manager of Verisk’s telematics business.
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“The pandemic has added urgency to the digital transformation long sought by many in the life industry. Our plans to integrate Verisk’s EHR Triage Engine with WOMBA’s platform will help insurers make significant progress towards their goals.” - President of global underwriting at Verisk, Maroun Mourad.