Ford joins Verisk Telematics Platform

  • October 21, 2020
  • William Payne

Car maker Ford is working with New Jersey based telematics platform Verisk to provide telematics data to US vehicle insurers. The collaboration means that US owners of Ford and Lincoln vehicles will soon have access to the usage-based insurance programmes operated by the insurers that connect to the Verisk platform, which includes three of the ten largest US carriers.

The new telematics integration with Verisk will make it simpler for drivers of connected Ford vehicles to share their driving data and take up UBI insurance offers. No additional hardware or apps are required.

The Exchange employs proprietary analytics to refine driving telemetry from connected Ford vehicles into normalised, 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 behaviour 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.

“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 addition of Ford to the Verisk Data Exchange will help the growing number of insurers looking to expand their UBI programmes 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.”