To benefit overlapping customers, Ford Motor Co. and State Farm are working together to improve the overall costs and safety systems in vehicles. Both companies have already been testing a project to achieve this goal through a shared vehicle data program.
“We’re finding solutions for the future by grounding everything in data, research and insights,” says Craig Isaacs, vice president of operations at State Farm. “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.”
Isaacs says the program is used to improve the understanding of claims made behind safety features. He says by understanding the specific risk behind customers between State Farm and Ford, prices could be better matched with specific drivers, thus lowering the overall costs of vehicle ownership. With insurance rates being adjusted in the beginning of 2021, Isaacs says there has already been a 20% in savings.
Ford’s Vehicle Build Data, works with State Farm by providing insights on the different impacts on the frequency and harshness of auto claims whether it is advanced driver assistant systems or the vehicle’s features content. Isaacs says the benefit of Vehicle Build Data is that it can apply to a wide range of the Ford and State Farm customer populations. Vehicle Build Data can work with vehicle models such as Ford, Lincoln, or Mercury that date back to 2010.
“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,” says Tim Meek, digital insurance manager at Ford Enterprise Connectivity. “What’s more, State Farm can access build data back to 2010, which means second and third owners also benefit.”