Using the CerebrumX platform, Insurers can offer end-to-end usage-based insurance (UBI) programs with a reduced time to market and cost advantage for eligible 2020 model year or newer Ford and Lincoln vehicles
Princeton, New Jersey / Dearborn, Mich., Nov. 14, 2022 – CerebrumX Lab Inc. (CerebrumX), an AI-driven automotive data services & management platform, announced today it will incorporate Ford connected vehicle data to support its data-driven usage-based insurance (UBI) as-a-Service model for Insurers. This model offers a quicker and more cost-effective implementation of UBI programs by using embedded telematics for eligible Ford and Lincoln connected vehicles.
Usage-based insurance (UBI) programs using embedded connected vehicle systems, with the consent of the customer, provide more accurate and reliable driving data, empowering insurers to reward safe driver behaviour with opportunities for reduced personalized premiums. For customers that opt-in, CerebrumX’s Augmented Deep Learning Platform (ADLP) collects and analyses data directly from eligible Ford and Lincoln vehicles to generate a driver and a vehicle score with no additional hardware or apps required. This score helps insurers better assess risk, and build more accurate, personalized policies for their customers, such as Pay As You Drive (PAYD) and Pay How You Drive (PHYD), to support safe driving and optimize loss claims.
“By opting into usage-based insurance, Ford and Lincoln owners can be rewarded for their good driving habits with more personalized insurance offerings,” said Amy Graham, Services Marketing Director at Ford Motor Company. “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.”
The unique UBI-as-a-Service model acts as a one-stop solution making it easier for insurers to successfully launch UBI programs that bundle automotive data, AI-powered scores, and insights with handheld assistance in adherence to regulatory policies. CerebrumX accelerates the implementation of end-to-end services such as Consent handling, Integration of the Driver Score with existing Generalized Linear Models (GLM), State Filing Services Support, driver coaching, and UBI Performance Evaluation.
“With CerebrumX’s UBI as-a-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,” said Sandip Ranjhan, Chief Executive Officer, CerebrumX. “The UBI market is set to grow by nearly 30% in the next 5 years. The addition of Ford and Lincoln vehicles to CerebrumX’s UBI as a Service program will help Insurance providers extend coverage and scale, resulting in better adoption by the end consumer.”
With access to more than 15 million vehicles and 800 million miles of driving data, CerebrumX’s unique AI-based platform is accelerating the pace of change in the automotive sector toward a more sustainable and safer society. It works with insurers, actuaries, and regulatory bodies across North America to launch data driven UBI programs that benefit the end consumer.
SOURCE: Ford
Keyword: CerebrumX to use Ford connected vehicle data, with customer consent, to help transform auto insurance in North America with usage-based insurance as-a-service