The Ford Motor Co. and Verisk are starting a joint effort in Europe & U.K. to deliver “insurance-ready” data from connected Ford vehicles to help insurance companies develop usage-based programs. In addition to the U.K., the service will be available in Germany, France, Italy and Spain.
The agreement will provide insurance companies with more precise insights into a driver’s risks and allow for the tailoring of policies, according to Verisk. Once a driver has given consent, insurers will be able to view standardized metrics Verisk pulls from the connected vehicles through the company’s Data Insight Hub.
“We are delighted to extend our agreement with Verisk into Europe,” Mark Harvey, director of business operations, enterprise connectivity, Ford of Europe, said in a release. “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.”
This is not the first time that the automaker and global data analytics provider have partnered. In 2020, the two announced a similar agreement, through which Ford joined the Verisk Data Exchange, a platform that leverages telematics service providers, relationships with automakers and property-based data sources to develop insights for commercial and personal line insurers.
“Verisk has pioneered the use of data from connected cars for insurance, helping thousands of drivers receive insurance that is tailored to their driving,” Joe Wodark, general manager of telematics, Verisk, said in a statement. “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.”
This news follows research from J.D. Power that found consumers are seeking to move away from time-period based policies and toward usage-based coverage options.
