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MANCHESTER, England and DEARBORN, Mich.–(BUSINESS WIRE)–Wejo Group Limited (NASDAQ: WEJO), a global leader in Smart Mobility for Good and cloud and software solutions for connected, electric and autonomous vehicle data, today announced the US expansion of its offering insurance at Ford Motor Company.
Insurance providers can better understand driving habits through connected vehicle data and insights to support user-based intelligence for end-to-end insurance with the help of Wejo and Ford collaboration. 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 Motor Company. “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.”
This agreement focuses on using defined data sets created for end-to-end insurance with US Wejo’s broad range of capabilities and experience in interpreting documented and real-time connected data of vehicle, including over 79 billion journeys to date collected from around 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 its promise of data for good.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, dedicated to helping build a better world, where everyone is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford builds and delivers innovative, in-demand Ford trucks, sport utility vehicles, commercial vans and Lincoln cars and luxury vehicles, as well as connected services. Additionally, Ford is establishing leadership positions in mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs approximately 176,000 people worldwide. More information about the company, its products and Ford Credit is available at corporate.ford.com.
About Wejo
Wejo is a global leader in Smart Mobility cloud and software solutions for connected, electric and autonomous vehicle data, transforming the way we live, work and travel by transforming and redefining the historical and real-time vehicle data. The Company enables Smart Mobility for Good™ products and services by organizing trillions of data points from approximately 20 million vehicles and more than 85 billion trips worldwide, across multiple brands, make and model, and then standardize and improve those data streams at scale. Wejo partners with ethical and like-minded companies and organizations to turn that data into insights that unlock value for consumers. Using the most comprehensive and trusted data, information and intelligence, Wejo is creating a smarter, safer, more sustainable world for everyone. Founded in 2014, Wejo employs approximately 300 people and has offices in Manchester in the UK and the regions where Wejo does business globally. For more information, visit: www.wejo.com or connect with us on LinkedIn, Twitterand Instagram.
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the “safe harbor” provision of the United States Private Securities Litigation Reform Act of 1995. For more information, please follow this link: https:// www.wejo.com/ forward-looking-statements
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