(Image source: Ford.)
Verisk (Jersey City, N.J./London) has announced an agreement with Ford Motor Company (Dearborn, Mich.) by which Verisk can offer standardized, insurance-ready telematics data from connected Ford vehicles in Europe to assist insurers with assessing driving behavior, developing usage-based insurance programs, and potentially rewarding customers who drive safely with discounted rates. This service will be available in the U.K., France, Germany, Italy and Spain.
The agreement will offer insurers a more accurate view of driver risk and offer consumers the opportunity to receive tailored insurance offerings for their Ford vehicles, according to a Verisk statement. With drivers’ consent, insurers will be able to access standardized metrics that Verisk generates from connected Ford vehicles, providing them with insights into their customers’ driving behavior. The data will be available through Verisk’s Data Insight Hub, which the vendor describes as an ever-evolving source of insurance datasets and analytics accessible at any part of the customer journey, including the point of quote.
“We are delighted to extend our agreement with Verisk into Europe,” comments Mark Harvey, director of business operations, Enterprise Connectivity, Ford of Europe. “Through their innovative analytics solutions, we are able to make sure that our customers receive the most accurate and budget-friendly insurance plan options, rewarding safe driving behavior.”
Building on Previous Agreements
The agreement between Ford and Verisk in Europe follows a similar agreement between the two companies in the United States announced last year. In October 2020, Ford joined the Verisk Data Exchange, an Internet of Things (IoT) and telematics platform helping commercial and personal lines insurers in the United States make more informed decisions. Verisk works with automakers, telematics service providers (TSPs) and property-based data sources to deliver insurance-ready insights on the Exchange.
“Verisk has pioneered the use of data from connected cars for insurance, helping thousands of drivers receive insurance that is tailored to their driving,” comments Joe Wodark, General Manager of Telematics, Verisk. “Through our agreement with Ford, we’re expanding our telematics solutions into Europe and helping bring innovative products to a broader market of safety-conscious drivers.”