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.
To allow the owners of eligible Ford and Lincoln vehicles to have easy access to usage-based insurance programs from the many U.S. auto insurers Ford has joined the Verisk Data Exchange.
Verisk is a well known data analytics provider and Verisk Data Exchange is the single hub for connected-vehicle and smart-
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.
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.
With the driver’s consent, insurers can access the telematics data they need from Ford vehicles to generate an 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.
