Wejo Group announced a US expansion of its insurance offering with Ford Motor Company.
The cloud and software solutions provider for connected, electric and autonomous vehicle data said insurance companies can better understand driving behavior through connected vehicle data and insights to support user-based intelligence for insurance using the partnership between Wejo and Ford. Wejo and Ford successfully launched the same program across Europe in June.
“Expanding our joint capabilities with Ford in the US is mutually beneficial for both policyholders and insurers as auto insurance companies leverage 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 U.S. by partnering with automotive OEMs to help insurance providers leverage actionable data insights.”
When this offering is available, data from connected vehicles can, with the customer’s consent, be used to create usage-based vehicle insurance policies that reward customers based on their driving behavior. This data can help the auto insurance industry better validate customer-provided data, identify and minimize insurance fraud, provide more accurate dynamic pricing models, and reduce risk for safer travel and less stress for policymakers and customers.
“We are excited to expand our insurance data services relationship with Wejo into the US market,” said Amy Graham, Services Marketing Director, Ford Motor Company. “Connected vehicle data enables insurance providers to better understand driving behavior, which can result in policyholder discounts and ultimately help lower the total cost of ownership of a vehicle for our customers.”
This agreement focuses on the use of defined datasets 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 more than 79 billion to date rides collected from approximately 18 million connected vehicles in the US creates an opportunity to help insurance companies worldwide deliver the next generation of auto insurance to live up to their promise of data for good.
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