Usage-based insurance has grown considerably in recent years as drivers look to save as much money as possible, especially in light of the fact that many are driving less and less these days. Ford has already teamed up with Allstate, Verisk, Nationwide, and Liberty Mutual on UBI programs. Additionally, a program called Ford Insure, offered by Ford Credit and powered by Nationwide, is available to customers with connected vehicles via the FordPass and Lincoln Way apps. Now, a new car insurance partnership between Ford and OCTO Telematics aims to provide accurate auto insurance risk scores and in turn, more accurate pricing.
“We’re excited to be working with OCTO to help provide enhanced scoring capabilities for insurance carriers through Ford’s connected vehicle data,” said Kari Novatney, General Manager, Connectivity Strategy & Partnerships, Ford Motor Company. “OCTO offers insurers the ability to better manage risk based on actual driving behaviors and as a result, Ford customers can benefit from a personalized insurance rate, across a wider choice of insurance carriers.”
OCTO will utilize Ford’s existing connected vehicle data to generate a more accurate predictive insurance risk score called the OCTO DriveAbility Score. The score takes into account a number of factors, including weather and road type, capturing data from over a million vehicles across five continents to generate a score that’s highly accurate in terms of predicting loss costs. Those that own an eligible vehicle that are interested in opting-in for this service can do so by checking with their current insurance provider.
“We are pleased to join forces with Ford to leverage their connected vehicle technology to enhance insurance risk scoring for insurers and their customers,” said Nicola Veratelli, CEO, OCTO Telematics. “And we look forward to exploring opportunities for incremental mobility services that benefit OCTO clients and Ford vehicle owners alike.”
We’ll have more on this new car insurance partnership soon, so be sure and subscribe to Ford Authority for ongoing Ford news coverage.