Ford is Collaborating with Nationwide on Usage-Based Insurance
Daniel Johnson — February 24, 2020 — Autos
References: media.ford & engadget
Ford is looking to offer consumers car insurance discounts based on the data that can come from connected cars. In order to provide car insurance discounts, Ford partnered with Nationwide to create usage-based insurance. The two companies are stating that discounts can be up to 40%, however, the exact number will differ case by case.
The car insurance discounts will be available in 39 states and it will be expanded over time. The discounts will be available to a number of 2020 Ford and Lincoln cars, including a Mustang model. Driver data will be taken from a modem that will be built into the vehicle, which will compile information related distance, aggressive driving tendencies, idle time, as well as driving during night hours.
Image Credit: Ford
The car insurance discounts will be available in 39 states and it will be expanded over time. The discounts will be available to a number of 2020 Ford and Lincoln cars, including a Mustang model. Driver data will be taken from a modem that will be built into the vehicle, which will compile information related distance, aggressive driving tendencies, idle time, as well as driving during night hours.
Image Credit: Ford
Trend Themes
1. Usage-based Insurance - The collaboration between Ford and Nationwide on usage-based insurance presents disruptive innovation opportunities for the insurance industry by leveraging data from connected cars to offer personalized discounts.
2. Connected Car Data - The utilization of connected car data for car insurance discounts creates disruptive innovation opportunities for the automotive industry by providing a new revenue stream and enhancing customer experiences.
3. Personalized Insurance Pricing - The introduction of personalized insurance pricing based on driver data from connected cars opens up disruptive innovation opportunities for the insurance industry to better align premiums with individual risk profiles.
Industry Implications
1. Insurance - The usage-based insurance collaboration between Ford and Nationwide presents disruptive innovation opportunities for the insurance industry by leveraging connected car data to offer personalized discounts and tailor premiums to individual risk profiles.
2. Automotive - The utilization of connected car data for car insurance discounts presents disruptive innovation opportunities for the automotive industry by integrating insurance services into vehicle offerings and enhancing customer experiences.
3. Telematics - The integration of telematics technology in cars for usage-based insurance creates disruptive innovation opportunities for the telematics industry by expanding its application beyond fleet management and into personalized insurance pricing.
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