New Auto Insurance Partnership Will Assist Ford House owners Get Correct Outcomes – Ford Authority Ford
Usage-based insurance has grown significantly in recent years as motorists try to save as much money as possible, especially given the fact that many drive less and less these days. Ford has partnered with Allstate, Verisk, Nationwide and Liberty Mutual on UBI programs. In addition, connected vehicle customers have access to a program called Ford Insure through the FordPass and Lincoln Way apps, offered by Ford Credit and operated by Nationwide. Now, a new auto insurance partnership between Ford and OCTO Telematics aims to provide accurate auto insurance risk assessments and therefore more accurate pricing.
"We are excited to work with OCTO to bring enhanced valuation capabilities to insurance carriers through Ford's connected vehicle data," said Kari Novatney, general manager, Connectivity Strategy & Partnerships, Ford Motor Company. “OCTO offers insurers the opportunity to better manage risks based on actual driving behavior. This means that Ford customers can benefit from a personalized insurance tariff with a larger selection of insurance carriers. "
OCTO will use Ford's existing networked 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, and collects data from over a million vehicles on five continents to create a score that is very accurate when it comes to predicting loss costs. Those who own an eligible vehicle and are interested in opting for this service can do so by checking with their current insurance provider.
"We are excited to partner with Ford to leverage their connected vehicle technology to improve insurance risk assessments for insurers and their customers," said Nicola Veratelli, CEO of OCTO Telematics. "And we look forward to exploring opportunities for incremental mobility services that will benefit OCTO customers and Ford vehicle owners alike."
We will learn more about this new auto insurance partnership shortly. So be sure and subscribe to Ford Authority to get the latest Ford news coverage.