Usage-based insurance (UBI) has grown considerably in recent years as drivers look to save money, especially since many are driving fewer miles than ever these days. Ford has already teamed up with Allstate, Verisk, Nationwide, and Liberty Mutual on UBI programs, while a program called Ford Insure is also offered by Ford Credit and powered by Nationwide. Ford recently teamed up with OCTO Telematics to provide more accurate auto insurance risk scores and in turn, more accurate pricing, and that’s the motivating force behind the automaker’s new partnership with LexisNexis Risk Solutions as well.
“We’re excited about this agreement with Ford,” said Adam Hudson, vice president 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.”
As part of the agreement, Ford will make the connected vehicle data from the owners of 2020 and up Ford and Lincoln vehicles available to U.S.-based auto insurers through the LexisNexis Telematics Exchange, if the owners opt-in for a UBI insurance program. That data is used to create more personalized insurance offerings and enables insurers to more accurately assess risk and reward drivers for good behavior.
“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,” said 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.”