What:
State Farm and Ford 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.
Why:
The exchange of information lowered the overall cost of vehicle ownership for many of the companies’ shared customers by better matching price to risk. Insurance rate adjustments were made in the first half of 2021, with savings of up to 20%.
How:
- Ford’s new Vehicle Build Data product provides State Farm with a comprehensive view of a vehicle’s feature content and a better understanding of how advanced driver assistance systems (ADAS) impact the frequency and severity of auto claims.
- State Farm is also sharing claims data with Ford to help inform them on how specific vehicle features impact auto claims.
- As the pilot expands, State Farm customers with certain Ford, Lincoln, or Mercury products dating back to 2010 can benefit from this data-sharing partnership.