AI-driven automotive data services and management platform CerebrumX Lab will incorporate Ford connected vehicle data to support its data-driven usage-based insurance (UBI) as-a-service model for insurers. The US-based tech company said the model offers a quicker and more cost-effective implementation of UBI programmes by using embedded telematics for eligible Ford and Lincoln connected vehicles.
According to CerebrumX, UBI programmes using embedded connected vehicle systems, with the consent of customers, provide more accurate and reliable driving data, allowing insurers to reward safe driver behaviour with opportunities for reduced personalised premiums.
For customers who 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. The score helps insurers better assess risk and build more accurate, personalised policies for their customers, such as Pay As You Drive and Pay How You Drive, to support safe driving and optimise loss claims.
“By opting into usage-based insurance, Ford and Lincoln owners can be rewarded for their good driving habits with more personalised 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.”
CerebrumX said the unique UBI-as-a-service model acts as a “one-stop solution”, making it easier for insurers to launch UBI programmes 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 generalised 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 of CerebrumX. “The UBI market is set to grow by nearly 30 per cent in the next five years. The addition of Ford and Lincoln vehicles to CerebrumX’s UBI-as-a-service programme will help Insurance providers extend coverage and scale, resulting in better adoption by the end consumer.”