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The Wejo Group Ltd. UK-based, a global provider of cloud and software solutions for connected, electric and autonomous vehicle data, today announced the US expansion of its Ford Motor Co. insurance offerings. in Dearborn.
With Wejo and Ford’s collaboration, insurance providers can better understand driving habits through connected vehicle data and insights to support user-based intelligence for end-to-end insurance.
This announcement comes after Wejo and Ford successfully launched the same program across Europe in June.
“Expanding our joint capabilities with Ford in the US enables mutual benefits for both policyholders and insurers as auto insurance companies use connected vehicle data for good,” said Richard Barlow, founder and CEO of Wejo.
“We are excited to embrace the estimated $1.7 billion by 2030 total addressable user-based insurance market in the US by working with auto 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 auto insurance policies that reward customers based on their driving habits. This data can help the auto insurance industry better verify customer-provided details, identify and reduce insurance fraud, offer more accurate dynamic pricing models, and reduce risks for safer journeys and less stress on policy makers and customers.
“We are excited to expand our relationship with Wejo insurance data services in the US market,” said Amy Graham, director of services marketing at Ford. “Connected vehicle data allows insurance providers to better understand driving habits, which can result in discounts to policyholders and ultimately help reduce the total cost of ownership of vehicles for our customers.”
This agreement focuses on using defined data sets created for end-to-end insurance with US Wejo’s range of capabilities and experience in interpreting documented and real-time connected vehicle data, including more than 79 billion trips to date collected from approximately 18 million connected. vehicles in the US, is creating an opportunity to help insurance companies around the world deliver the next generation of auto insurance to expand on its promise of “data for good.”
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