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Wejo and Ford Team Up to Expand End-to-End Insurance Offerings Across U.S.
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Wejo Group Limited has teamed up with Ford Motor Company to expand its insurance offerings in the U.S. by utilizing connected vehicle data. This collaboration aims to improve user-based insurance models by using data insights derived from driving behaviors. With an estimated market potential of $1.7 billion by 2030, this partnership seeks to enhance the overall efficacy of auto insurance by reducing fraud and providing dynamic pricing models. The initiative builds upon a previous successful launch in Europe earlier this year.
Positive
Expansion of U.S. insurance offerings expected to tap into a $1.7 billion market by 2030.
Improved understanding of driving behaviors could lead to better user-based insurance models.
Potential for enhanced fraud detection and dynamic pricing in insurance.
Negative
None.
Ford to provide, with customer consent, connected vehicle data, helping drive innovation and accurate policymaking for U.S. insurance providers and their customers.
MANCHESTER, England & 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 U.S. expansion of its insurance offering with Ford Motor Company.
Insurance providers will be able to better understand driving behaviors through connected vehicle data and insights to support user-based intelligence for end-to-end insurance with the help of Wejo and Ford’s collaboration. This announcement comes after Wejo and Ford successfully launched the same program throughout Europe in June.
“Expanding our joint capabilities with Ford in the U.S. enables mutual benefit to both policyholders and insurers as auto insurance companies leverage connected vehicle data for good,” said Richard Barlow, founder and CEO of Wejo. “We’re excited to embrace the estimated $1.7 billion by 2030 total addressable user-based insurance market in the U.S. 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 U.S. market,” said Amy Graham, Services Marketing director at Ford Motor Company. “Connected vehicle data allows 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.”
This agreement focuses on using defined data sets 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 over 79 billion journeys to date collected from approximately 18 million connected vehicles in the U.S., creates an opportunity to help insurance companies globally deliver the next generation of auto insurance to further its promise of data for good.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person 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 develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln 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 about 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, revolutionizing the way we live, work and travel by transforming and interpreting historic 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 journeys globally, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo employs approximately 300 people and has offices in Manchester in the UK and in regions where Wejo does business around the world. For more information, visit: www.wejo.com or connect with us on LinkedIn, Twitter, and Instagram.
Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the "safe harbor" provisions 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
Wejo's partnership with Ford aims to expand insurance offerings in the U.S. by utilizing connected vehicle data to improve user-based insurance models.
What market potential is associated with Wejo's new insurance offering?
The partnership with Ford is estimated to tap into a $1.7 billion total addressable user-based insurance market by 2030.
When was this insurance partnership launched in Europe?
The insurance partnership between Wejo and Ford was successfully launched in Europe in June.
How does connected vehicle data benefit insurance providers?
Connected vehicle data helps insurance providers understand driving behaviors, improve fraud detection, and offer dynamic pricing.
What kind of data does Wejo provide to enhance insurance services?
Wejo provides insights from over 79 billion journeys collected from approximately 18 million connected vehicles.
