Ford advances on UBI solutions

Ford continues down the path of enabling access to telematics data through this newly announced initiative with Verisk. Together, they are planning to deliver “insurance-ready” data from connected Ford vehicles. The aim is to help insurers develop usage-based programs. In addition to the U.K., the service will be available in Germany, France, Italy and Spain. According to Verisk, the agreement will provide insurers with more precise insights into a driver’s risks and allow for the tailoring of policies. The approach requires the driver to give consent, after which insurers will be able to view standardised metrics via Verisk’s Data Insight Hub. This poses some interesting challenges for insurers - will Verisk and Ford be holding the cards in terms of the risk insights? One might expect it should see further momentum for usage based motor products - which is presumably Ford’s goal here? Getting UBI mainstream makes the data very valuable. Source: Property Casualty 360