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 and DEARBORN, MI, October 13, 2020 – Verisk (Nasdaq:VRSK), a leading data analytics provider, today announced that Ford Motor Company (NYSE:F) 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.
Learn more about how the Verisk Data Exchange™ can benefit your telematics program.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
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.