- Successful Completion of Pilot Saved Customers with certain ADAS features up to 20% off Insurance
As vehicle technology and safety systems continue to evolve, State Farm and Ford are working together for the benefit of their shared customers. State Farm and Ford completed a yearlong pilot project in which the companies shared vehicle build data to better understand how certain safety features impact claims.
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%.
Ford’s new Vehicle Build Data product provides State Farm 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.
“We’re finding solutions for the future by grounding everything in data, research and insights,” State Farm Vice President of Operations Craig Isaacs said. “What’s unique about this project is we’re not just looking at the make and model of a vehicle, but ultimately to the individual 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,” Ford’s Digital Insurance Manager, Ford Enterprise Connectivity, Tim Meek said. “What’s more, State Farm can access build data back to 2010, which means second and third owners also benefit.”
State Farm and Ford’s decades-long history of sharing loss experience and technical information helps make roads safer for all drivers.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford designs, manufactures, markets and services a full line of connected, increasingly electrified passenger and commercial vehicles: Ford trucks, utility vehicles, vans and cars, and Lincoln luxury vehicles. The company is pursuing leadership positions in electrification, connected vehicle services and mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs about 186,000 people worldwide. More information about the company, its products and Ford Motor Credit Company is available at corporate.ford.com.
About State Farm®
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its 19,200 agents and 57,500 employees serve approximately 85 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2020 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.