Ford and Verisk Collaborate to Offer Telematics Data to Insurers
Ford joins the Verisk Data Exchange, creating new opportunities for insurers to deliver usage-based insurance benefits
Jersey City, NJ (Oct. 13, 2020) – Verisk, a leading data analytics provider, today 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 U.S. auto insurers that connect to the Exchange—including three of the ten largest U.S. 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,” said Alex Purdy, director of business operations, enterprise connectivity, Ford Motor Company. 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.”
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,” said Karthik Balakrishnan, general manager of Verisk’s telematics business. “We’re excited to connect Ford drivers with these insurers and, most importantly, make it easier for everyone to benefit from UBI.”
The Verisk Data Exchange™ is a leading Internet of Things (IoT) and telematics platform, helping personal and commercial lines insurers to harness the power of data from the connected world. The Exchange works with numerous automotive and property-based data sources, applying artificial intelligence and advanced analytics to generate insights that enable superior decision-making across the life cycle of insurers’ telematics programs. With over 6.6 million vehicles and 175 billion miles of driving data, the Exchange is one of the largest of its kind and continues to grow by over 200,000 new vehicles every month.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2018 and 2019, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford cars, trucks, SUVs, electrified vehicles and Lincoln luxury vehicles, provides financial services through Ford Motor Credit Company and is pursuing leadership positions in electrification; mobility solutions, including self-driving services; and connected services. Ford employs approximately 188,000 people worldwide. For more information regarding Ford, its products and Ford Motor Credit Company, please visit corporate.ford.com.
SOURCE: Edelman (for Verisk)