Wejo Group Limited, a global leader in Smart Mobility for Good and cloud and software solutions for connected, electric and autonomous vehicle data, has announced the U.S. expansion of its insurance offering with Ford Motor Company.
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Insurance providers will be able to better understand driving behaviors through connected vehicle data and insights to support user-based intelligence for end-to-end insurance with the help of Wejo and Ford’s collaboration. This announcement comes after Wejo and Ford successfully launched the same program throughout Europe in June.
“Expanding our joint capabilities with Ford in the U.S. enables mutual benefit to both policyholders and insurers as auto insurance companies leverage connected vehicle data for good,” said Richard Barlow, founder and CEO of Wejo. “We’re excited to embrace the estimated $1.7 billion by 2030 total addressable user-based insurance market in the U.S. by working with vehicle OEMs to help insurance providers leverage actionable data insights. Our expanded partnership with Ford for end-to-end insurance is a significant step toward reinventing auto insurance for a smarter, safer future.”
When this offering is available, with customer consent, connected vehicle data can be used to establish usage-based vehicle insurance policies that reward customers based on their driving behaviors. This data can help the vehicle insurance industry better validate customer supplied details, identify and minimize insurance fraud, offer more accurate dynamic pricing models, and reduce risks for safer journeys and less stress on policymakers and customers.
“We are excited to expand our insurance data services relationship with Wejo into the U.S. market,” said Amy Graham, services marketing director at Ford Motor Company. “Connected vehicle data allows insurance providers to better understand driving behaviors which can result in discounts to policy holders and ultimately help reduce the total cost of vehicle ownership for our customers.”
This agreement focuses on using defined data sets created for end-to-end insurance in the U.S. Wejo’s broad range of capabilities and experience in interpreting documented and real-time connected vehicle data, including over 79 billion journeys to date collected from approximately 18 million connected vehicles in the U.S., creates an opportunity to help insurance companies globally deliver the next generation of auto insurance to further its promise of data for good.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.