CerebrumX Lab Inc. announced it will utilize Ford’s connected vehicle data to support its data-driven usage-based insurance (UBI) as-a-Service model. This collaboration aims to transform auto insurance in North America.
By integrating data from Ford and Lincoln vehicles (2020 model year or newer) with customer consent, CerebrumX aims to provide insurers with a streamlined and cost-effective way to offer UBI programs. Ford and Lincoln owners who opt-in can benefit from personalized insurance offerings based on their driving habits.
CerebrumX’s Augmented Deep Learning Platform (ADLP) will collect and analyze driving data from these vehicles. This eliminates the need for additional hardware or apps, generating driver and vehicle scores. Insurers can then use these scores to create more accurate and personalized policies, such as “Pay As You Drive” (PAYD) and “Pay How You Drive” (PHYD).
“By opting into usage-based insurance, Ford and Lincoln owners can be rewarded for their good driving habits with more personalized 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’s UBI-as-a-Service model provides a comprehensive solution for insurers, incorporating automotive data, AI-powered scores, and insights. The platform handles consent management, integration with existing models, and support for state filing services, driver coaching, and UBI performance evaluation.
Sandip Ranjhan, Chief Executive Officer of CerebrumX, stated, “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.” He added that the partnership with Ford and Lincoln will help insurance providers extend coverage and adapt to the growing UBI market.
CerebrumX’s platform currently accesses over 15 million vehicles and 800 million miles of driving data. The company works with insurers, actuaries, and regulators across North America to implement data-driven UBI programs.
About CerebrumX Lab Inc.
CerebrumX (www.CerebrumX.ai) leverages artificial intelligence to provide data and insights to businesses. Their platform is used across various sectors including OEMs, media, insurers, and smart cities. CerebrumX is headquartered in Princeton, NJ, with offices in several regions.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, focused on building a better world through mobility. They are focused on innovation in electric vehicles and connected services with their Ford+ plan.
