UK-based Wejo Group Limited, a data, analytics and software-as-a-service provider, has announced the US expansion of its insurance offering with Ford Motor Company. The collaboration will enable insurance providers to better understand driving behaviors through connected vehicle data and will provide insights to support user-based intelligence for end-to-end insurance. Wejo and Ford successfully launched the same program throughout Europe in June.
“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,” says Richard Barlow, founder and CEO of Wejo. “We’re excited to embrace the estimated US$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.”
When this offering is available, with customer consent, connected vehicle data can be used to establish usage-based vehicle insurance policies that reward customers based on their driving behaviors. This data can help the vehicle insurance industry better validate customer supplied details, identify and minimize insurance fraud, offer more accurate dynamic pricing models, and reduce risks for safer journeys and less stress on policymakers and customers.
“We are excited to expand our insurance data services relationship with Wejo into the US market,” says Amy Graham, services marketing director at Ford Motor Company. “Connected vehicle data enables insurance providers to better understand driving behaviors which can result in discounts to policy holders and ultimately help reduce the total cost of vehicle ownership for our customers.”
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