As vehicle technology and safety systems continue to evolve, State Farm and Ford in the US are working together for the benefit of their shared customers. The two companies completed a year-long pilot project in which they shared vehicle build data to better understand how certain safety features impact claims.
The exchange of information lowered the overall cost of vehicle ownership for many of the companies’ shared customers by better matching price to risk. Insurance rate adjustments were made in the first half of 2021, with savings of up to 20%.
Ford’s new Vehicle Build Data product provides State Farm a comprehensive view of a vehicle’s feature content and a better understanding of how advanced driver assistance systems (ADAS) impact the frequency and severity of auto claims. State Farm is also sharing claims data with Ford to help inform them on how specific vehicle features impact auto claims.
As the pilot expands, State Farm customers with certain Ford, Lincoln or Mercury products dating back to 2010 can benefit from this data sharing partnership. “We’re finding solutions for the future by grounding everything in data, research and insights,” said Craig Isaacs, State Farm Vice President of Operations. “What’s unique about this project is we’re not just looking at the make and model of a vehicle, but ultimately to the individual safety features on each vehicle.”
Tim Meek, Ford’s Digital Insurance Manager, Ford Enterprise Connectivity added: “Our new build data API piloted with State Farm is another way we’re using data to help our customers get the most out of their Ford, at a lower total cost of ownership. What’s more, State Farm can access build data back to 2010, which means second and third owners also benefit.”
State Farm and Ford’s decades-long history of sharing loss experience and technical information helps make roads safer for all drivers.
This article courtesy of Russell Thrall III, publisher CollisionWeek. Check out their website at: www.collisionweek.com.