State Farm and Ford have announced the completion of a yearlong pilot project in which the companies shared vehicle build data to better understand how certain safety features impact claims.
The partnership lowered the overall cost of vehicle ownership for many of the companies’ shared customers by better matching price to risk, Ford said. Insurance rate adjustments were made in the first half of this year, resulting in savings of up to 20%.
Ford’s Vehicle Build Data product provides State Farm with an overview of vehicles’ features and a better understanding of how advanced driver assistance systems (ADAS) impact the frequency and severity of auto claims, the automaker said. State Farm, in turn, shared claims data with Ford to help inform the company about how specific vehicle features impacted auto claims.
Ford said that as the pilot program expands, State Farm customers with certain Ford, Lincoln or Mercury vehicles dating back to 2010 could benefit from the partnership.
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“We’re finding solutions for the future by grounding everything in data, research and insights,” said Craig Isaacs, vice president of operations for 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 safety features on each vehicle.”
“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,” said Tim Meek, digital insurance manager for Ford Enterprise Connectivity. “What’s more, State Farm can access build data back to 2010, which means second and third owners also benefit.”