Wejo and Ford Collaborate to Enhance U.S. Insurance Offerings
Dearborn, Mich. – November 29, 2022 – Wejo Group Limited (NASDAQ: WEJO) and Ford Motor Company have joined forces to extend their insurance offerings in the United States. This initiative allows insurance providers to gain deeper insights into driving behaviors using connected vehicle data. The goal is to enable more precise policy creation and promote innovation in the insurance sector for U.S. customers.
This U.S. expansion follows the successful launch of the same program across Europe in June. The partnership intends to tap into the growing user-based insurance (UBI) market in the U.S., estimated to reach $1.7 billion by 2030, by leveraging data insights from connected vehicles.
“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. “Our expanded partnership with Ford for end-to-end insurance is a significant step toward reinventing auto insurance for a smarter, safer future.”
With customer consent, the connected vehicle data can be used to create usage-based insurance policies. These policies can reward customers based on their driving habits and allow insurance companies to validate customer-supplied information better, reduce fraud, and offer more accurate pricing models. It also aims to contribute to safer journeys and ease pressure on policymakers and consumers alike.
Amy Graham, Services Marketing Director at Ford Motor Company, commented, “We are excited to expand our insurance data services relationship with Wejo into the U.S. market. 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.”
The agreement centers on data sets designed for end-to-end insurance applications within the U.S. Wejo’s expertise in interpreting documented and real-time connected vehicle data, encompassing over 79 billion journeys to date from approximately 18 million connected vehicles in the U.S., provides the opportunity to assist insurance companies worldwide in creating the next generation of auto insurance. This helps further its goal of leveraging data for beneficial outcomes.
About Ford Motor Company
Ford Motor Company (NYSE: F), based in Dearborn, Michigan, is a global company committed to building a better world. The company’s Ford+ plan brings together existing strengths, new capabilities, and ongoing customer relationships to enrich customer experiences. Ford designs and produces innovative trucks, SUVs, commercial vans, cars, and Lincoln luxury vehicles, alongside connected services. The company operates through three customer-focused segments: focusing on internal combustion engine and hybrid vehicles; Ford Model e, creating electric vehicles; and Ford Pro, assisting commercial customers with vehicles and services. Furthermore, Ford offers financial services through Ford Motor Credit Company, employing roughly 174,000 people worldwide. Additional information can be found at corporate.ford.com.
About Wejo
Wejo is a global leader in Smart Mobility cloud and software solutions, specializing in connected, electric, and autonomous vehicle data. They revolutionize how we live, work and travel. The company analyzes and uses historic and real-time vehicle data. Wejo organizes trillions of data points from about 18 million connected vehicles across numerous brands and models globally, standardizing and enhancing these data streams for their Smart Mobility for Good products and services. Founded in 2014, Wejo employs approximately 300 people and has offices in the UK and around the world. More information is available at www.wejo.com.
