Verisk, a data analytics provider, said Ford Motor had joined the Verisk Data Exchange enabling owners of Ford and Lincoln vehicles soon to have easy access to usage-based insurance programmes from the many US auto insurers that connect to the exchange.
Usage-based insurance (UBI) can give drivers greater transparency and control over their insurance costs. These programs typically offer personalised 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 such offers and benefits with 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, the automaker’s director of business operations, enterprise connectivity. “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 exchange uses advanced, proprietary analytics to refine driving telemetry from connected Ford vehicles into normalised, insurance-ready information, including Verisk’s rating and scoring.
With the driver’s consent, insurers can access the telematics data they need from Ford vehicles to generate an accurate UBI discount.
The data exchange is an Internet of Things (IoT) and telematics platform. With 6.6m vehicles and 175bn miles of driving data, the exchange is said to be one of the largest of its kind and continues to grow by 200,000 new vehicles every month.