Wejo,a provider of software solutions for smart mobility, has teamed up with Ford Motor Company to expand its end-to-end insurance offerings across the US.
Through this partnership, Wejo will have access to personalized connected vehicle data from Ford vehicles in the US, which were obtained with customer consent.
According to Wejo, this supports the provision of data and insights to insurance providers that leverage user-based intelligence for end-to-end insurance.
In turn, insurance providers can leverage the data to better understand driving behaviours and to establish usage-based vehicle insurance policies that reward customers based on their driving behaviours.
It can help the vehicle insurance industry better validate customer supplied details, identify and minimise insurance fraud, offer more accurate dynamic pricing models, and reduce risks for safer journeys and less stress on policymakers and customers.
Richard Barlow, founder and CEO of Wejo said: “Expanding our joint capabilities with Ford in the US enables mutual benefit to both policyholders and insurers as auto insurance companies leverage connected vehicle data for good.
“We’re excited to embrace the estimated $1.7 billion by 2030 total addressable user-based insurance market in the US 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.”
Amy Graham, Services Marketing director at Ford Motor Company, said: “We are excited to expand our insurance data services relationship with Wejo into the US market. Connected vehicle data allows insurance providers to better understand driving behaviours 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 US, said Wejo. The firm’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 US, creates an opportunity to help insurance companies globally deliver the next generation of auto insurance to further its promise of data for good.
The announcement comes after Wejo and Ford successfully launched the same program throughout Europe in June.
This partnership is more evidence of embedded insurance coming into other industries, thus bundling appropriate insurance and leveraging data from manufacturers to better price risk.
