(Image source: Ford Motor Company.)
Ford Motor Company (Dearborn, Mich.) has entered into a strategic agreement with LexisNexis Risk Solutions so that Ford connected vehicle data can be available to U.S. auto insurers via the LexisNexis Telematics Exchange, according to a LexisNexis statement. As a result of the partnership, Ford and Lincoln customers with an eligible 2020 model year or newer vehicle can opt in to participate in usage-based insurance (UBI) programs.
“We’re excited about this agreement with Ford,” comments Adam Hudson, VP and general manager, U.S. Connected Car, LexisNexis Risk Solutions. “As a trusted steward of data for more than 20 years, LexisNexis Risk Solutions continues to bring the insurance and automotive industries together with market-leading solutions to provide consumers with a better experience during insurance shopping and renewal. We want to continue delivering on our mission of providing unparalleled driving-related insights and benefits to insurers, automakers and their drivers.”
“Ford owners who opt-in to usage-based insurance have the potential to reduce their total cost of vehicle ownership through more personalized insurance offerings and be rewarded for good driving habits,” comments Kari Novatney, General Manager, Connectivity Strategy & Partnerships, Ford Motor Company. “LexisNexis Risk Solutions is helping Ford customers more easily pursue the advantages of their vehicle’s connectivity for potential insurance benefits.”
LexisNexis Risk Solutions explains that it ingests and normalizes connected car data through its data platform, the LexisNexis Telematics Exchange, to create driving behavior insights for U.S. insurance carriers to use within their existing auto insurance workflows. This enables insurers to more accurately segment risk, while providing consumers the opportunity to reduce the overall cost of vehicle ownership by taking advantage of good driving behavior, according to the vendor. By leveraging data sourced through the Telematics Exchange, the vendor says insurers can have an easier path to access driving behavior data for point of quote, underwriting and renewal, whether or not they have an existing insurer-led UBI program.
LexisNexis Risk Solutions reports that it works with 95 of the top 100 U.S. auto insurers. The company’s U.S. Connected Car business offers telematics solutions and advanced analytics, including LexisNexis Telematics OnDemand and its next-generation LexisNexis Drive Metrics scores, which the vendor says allows insurers to seamlessly leverage driving behavior insights during the insurance shopping process at the point of quote, as well as at underwriting and renewal.