Verisk and Ford partner to offer standardised, insurance-ready connected car data in Europe

Rhea-AI Summary

Verisk has entered into an agreement with Ford to provide connected car data to insurers in the UK, France, Germany, Italy, and Spain. This partnership will enable insurers to access standardized driving behavior data from Ford vehicles, allowing for improved risk assessment and personalized insurance offerings. The initiative focuses on usage-based insurance, rewarding safe driving with discounts. This expansion in Europe follows a successful collaboration in the United States, augmenting Verisk's capabilities in telematics solutions.

Positive

• Partnership with Ford allows access to connected car data for insurers, enhancing risk assessment.
• Offers personalized insurance options, potentially leading to increased customer satisfaction.
• Expansion into European markets broadens Verisk's telematics offerings.

Negative

• None.

The agreement gives Verisk license to supply connected car data to insurers in the UK, France, Germany, Italy and Spain

LONDON, U.K., March 08, 2022 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading global data analytics provider, is pleased to announce an agreement with Ford Motor Company (NYSE: F). As part of the agreement, Verisk can offer standardised, insurance-ready telematics data from connected Ford vehicles in Europe to assist insurers with assessing driving behaviour, developing usage-based insurance programmes, and potentially rewarding customers who drive safely with discounted rates. This service will be available in the UK, France, Germany, Italy and Spain.

The agreement will offer insurers a more accurate view of driver risk and offer consumers the opportunity to receive tailored insurance offerings for their Ford vehicles. With drivers’ given consent, insurers will be able to access standardised metrics that Verisk generates from connected Ford vehicles, providing them with valuable insights into their customers’ driving behaviour. The data will be available through Verisk’s Data Insight Hub, an ever-evolving source of insurance datasets and analytics accessible at any part of the customer journey, including the point of quote.

Usage-based insurance uses an individual’s driving behaviour to assess the risk of a future claim and can be highly predictive as part of a balanced framework of premium-rating factors.

“We are delighted to extend our agreement with Verisk into Europe,” said Mark Harvey, director of business operations, Enterprise Connectivity, Ford of Europe. “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 behaviour.”

The agreement between Ford and Verisk in Europe follows a similar agreement between the two companies in the United States announced last year. In October 2020, Ford joined the Verisk Data Exchange, a leading Internet of Things (IoT) and telematics platform helping commercial and personal lines insurers in the United States make more informed decisions. Verisk works with leading automakers, telematics service providers (TSPs) and property-based data sources to deliver insurance-ready insights on the Exchange.

“Verisk has pioneered the use of data from connected cars for insurance, helping thousands of drivers receive insurance that is tailored to their driving,” said Joe Wodark, General Manager of Telematics, Verisk. “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.”

Learn more about how the Verisk Data Exchange™ and Data Insight Hub can benefit your telematics programme.

About Verisk 

Verisk (Nasdaq:VRSK) provides predictive analytics and decision support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

FAQ

What is the recent agreement between Verisk and Ford about?

The recent agreement allows Verisk to supply connected car data from Ford vehicles to insurers in five European countries, aiding in risk assessment and personalized insurance offerings.

What countries are included in Verisk's agreement with Ford?

The countries included in the agreement are the UK, France, Germany, Italy, and Spain.

How will the connected car data benefit insurers?

Insurers will benefit from an accurate view of driver risk through standardized metrics, enabling tailored insurance offerings.

What type of insurance is emphasized in the Verisk-Ford agreement?

The agreement emphasizes usage-based insurance, which assesses risk based on an individual's driving behavior.

What was the earlier agreement between Verisk and Ford?

The earlier agreement involved the Verisk Data Exchange in the United States, helping insurers make informed decisions using telematics data.