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The project offers insurance providers access to connected vehicle data to enable smarter, safer auto-insurance
Ford and Wejo are expanding their smart mobility project in the US, using connected vehicle data from Ford vehicles to inform insurance providers’ rates and policies.
The announcement comes after Wejo and Ford saw successful results from the launch of the program in Europe in June.
Under the plan, driver behavior data and insights are provided to insurance providers, who use user-based intelligence to enable end-to-end insurance. Using vehicle data collected from customers’ cars, insurance providers can identify good and bad driving habits, rewarding customers for proving consistent good behavior and establishing more custom insurance policies.
This data can also allow companies to verify customer details, reduce the chances of insurance fraud and create more accurate risk models, as well as track and recover lost claims. drive faster.
“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, Wejo CEO. “We are excited to capture 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.”
“We are excited to expand our relationship with Wejo insurance data services in the US market,” said Amy Graham, Ford services marketing director. “Connected vehicle data allows insurance providers to better understand driving habits that can result in discounts to policyholders and ultimately help reduce the total cost of ownership vehicle for our customers.”
Wejo brings its experience in interpreting connected vehicle data, including more than 79 billion trips and 18 million connected vehicles in the US, providing a baseline understanding and examples of driver behavior.
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