CerebrumX Lab Inc., an AI-driven automotive information companies and administration platform based mostly in New Jersey, introduced as we speak it’ll incorporate Ford Motor Co.’s linked automobile information to help its data-driven usage-based insurance (UBI) as-a-Service mannequin for insurers.
This mannequin provides a faster and more cost effective implementation of UBI applications by utilizing embedded telematics for eligible Ford and Lincoln linked autos. UBI applications utilizing embedded linked automobile techniques, with the consent of the shopper, present extra correct and dependable driving information, empowering insurers to reward secure driver habits with alternatives for decreased customized premiums.
“By opting into usage-based insurance, Ford and Lincoln owners can be rewarded for their good driving habits with more personalized insurance offerings,” says Amy Graham, companies advertising and marketing director at Ford in Dearborn. “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.”
For clients that opt-in, CerebrumX’s Augmented Deep Learning Platform (ADLP) collects and analyses information immediately from eligible Ford and Lincoln autos to generate a driver and a automobile rating with no extra {hardware} or apps required.
This rating helps insurers higher assess danger, and construct extra correct, customized insurance policies for their clients, similar to Pay As You Drive (PAYD) and Pay How You Drive (PHYD), to help secure driving and optimize loss claims.
The mannequin acts as a one-stop resolution, which CerebrumX says makes it simpler for insurers to efficiently launch UBI applications that bundle automotive information, AI-powered scores, and insights with handheld help in adherence to regulatory insurance policies.
CerebrumX accelerates the implementation of end-to-end companies similar to consent dealing with, integration of the driving force rating with current generalized linear fashions (GLM), state submitting companies help, driver teaching, and UBI efficiency analysis.
“With CerebrumX’s UBI-as-a-Service model, powered by AI-driven insights and accurate driver behavior, we aim to streamline the entire usage-based insurance rollout process making it flexible and cost-effective,” says Sandip Ranjhan, CEO of CerebrumX.
“The UBI market is set to grow by nearly 30 percent in the next 5 years. The addition of Ford and Lincoln vehicles to CerebrumX’s UBI-as-a-Service program will help Insurance providers extend coverage and scale, resulting in better adoption by the end consumer.”
With entry to greater than 15 million autos and 800 million miles of driving information, CerebrumX’s distinctive AI-based platform is accelerating the tempo of change within the automotive sector towards a extra sustainable and safer society. It works with insurers, actuaries, and regulatory our bodies throughout North America to launch information pushed UBI applications that profit the top shopper.
