CerebrumX Lab Inc. has announced a partnership with Ford Motor Company to leverage connected vehicle data to transform auto insurance in North America. The collaboration will focus on usage-based insurance (UBI) programs, offering insurers a streamlined and cost-effective solution.
Insurers using the CerebrumX platform can implement end-to-end UBI programs faster and at a lower cost, particularly for eligible 2020 model year or newer Ford and Lincoln vehicles.
CerebrumX’s Augmented Deep Learning Platform (ADLP) will collect and analyze data directly from participating Ford and Lincoln vehicles, generating driver and vehicle scores without requiring additional hardware or apps. According to CerebrumX, this will enable insurers to better assess risk and create more accurate, personalized policies like 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.”
The UBI-as-a-Service model offered by CerebrumX aims to simplify the process of launching UBI programs. It bundles automotive data, AI-powered scores, and support services to assist insurers in navigating regulatory requirements.
Sandip Ranjhan, Chief Executive Officer of CerebrumX, noted that “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 UBI market is projected to grow significantly in the coming years. The addition of Ford and Lincoln vehicles is expected to help insurance providers extend coverage, scale operations, and increase adoption among consumers.
CerebrumX’s AI-based platform currently has access to over 15 million vehicles and 800 million miles of driving data, which they believe is accelerating change in the automotive sector. They work with insurers, actuaries, and regulatory bodies across North America to launch data-driven UBI programs.
CerebrumX (www.CerebrumX.ai) provides AI-driven data and insights to businesses. Their platform is used by various partners, including OEMs, media companies, insurers, and smart cities.
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to building a better world. More information about the company and its products and services is available at corporate.ford.com.
