LexisNexis Risk Solutions and Ford Motor Company has announced they have entered into a strategic agreement so that Ford connected vehicle data can be available to U.S. auto insurers via the LexisNexis Telematics Exchange.
Ford and Lincoln customers with an eligible 2020 model year or newer vehicle can opt-in to participate in usage-based insurance (UBI) programs, which has the potential to save customers money through more personalised insurance offerings.
“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.”
“Ford owners who opt-in to usage-based insurance have the potential to reduce their total cost of vehicle ownership through more personalised 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.”
LexisNexis Risk Solutions ingests and normalises connected car data through its data platform, the LexisNexis Telematics Exchange, to create driving behaviour 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 behaviour. By leveraging data sourced through the Telematics Exchange, insurers can have an easier path to access driving behaviour data for point of quote, underwriting and renewal, whether or not they have an existing insurer-led UBI program. LexisNexis Risk Solutions works with 95 of the top 100 U.S. auto insurers.
This article courtesy of Russell Thrall III, publisher CollisionWeek. Check out the website at: www.collisionweek.com.