Ford EV data supports a usage-based insurance service model
The artificial intelligence (AI) driven automotive data service and management platform CerebrumX is uniquely positioned to make the most of Ford electric vehicle (EV) data for insurance applications.
The company’s platform offers a unique approach to insurance, called usage-based insurance (UBI), which leverages connected vehicle data to provide cost-effective solutions to consumers and insurance providers.
With the customer’s consent, UBI is embedded into the connected vehicle systems, which provide more accurate and reliable driving data through telematics, which feeds into the insurer’s reward scheme. This could ultimately reduce the insurance premiums for the customer and make EV driving a more suitable option, particularly when parameters, such as vehicle parts, batteries, and the power of all-electric vehicles, makes them so expensive.
“By opting into usage-based insurance, Ford and Lincoln owners can be rewarded for their good driving habits with more personalised insurance offerings,” says Amy Graham, Services Marketing Director at Ford Motor Company.
CerebrumX assesses driver performance to reduce EV costs
Allowing UBI capabilities means that customers better assess the risks of drivers based on various datasets and offer solutions like Pay As You Drive (PAYD) and Pay How You Drive (PHYD), which will encourage drivers to be safer on the roads.
“CerebrumX’s platform creates another opportunity for Ford and Lincoln owners to achieve insurance benefits with their vehicle’s connectivity to help reduce their total cost of vehicle ownership,” Graham says.
Through its UBI solution, CerebrumX aims to become a comprehensive provider of digital solutions that benefit insurers and, by launching UBI programmes, will successfully utilise automotive data, AI-powered scores, and insights with handheld assistance. CerebrumX also accelerates further initiatives through end-to-end services, including consent handling, integrating driver scores with generalised linear models (GLM), state filing service support, driver coaching, and UBI performance evaluation.
“With CerebrumX’s UBI as-as-service model, powered by AI-driven insights and accurate driver behaviour, we aim to streamline the entire usage-based insurance rollout process, making it flexible and cost-effective,” says Sandip Ranjhan, CEO, CerebrumX.
“The UBI market is set to grow by nearly 30% in the next five years. The addition of Ford and Lincoln vehicles to CerebrumX’s UBI as-a-service programme will help insurance providers extend coverage and scale, resulting in better adoption by the end consumer.”