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 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.
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 Verisk Data Exchange™ is an 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.