State Farm®, Ford Come Together to Improve Safety and Overall Cost of Vehicle Ownership
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.
For 100 years, the mission of State Farm has been and continues to be 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 more than 19,400 agents and approximately 53,400 employees serve over 87 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. 42 on the 2022 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.
Public Affairs Specialist