Ford Motor Company is teaming up with Wejo Group Limited to widen the availability of end-to-end insurance offerings across the United States. This partnership will leverage connected vehicle data to provide insurance providers with a more comprehensive understanding of driving behaviors, allowing for more tailored and accurate policies.
This development builds upon a similar program launched successfully in Europe earlier in 2022. The collaboration aims to harness the potential of the user-based insurance market, estimated to reach $1.7 billion by 2030 in the U.S.
“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.
With customer consent, the data gleaned from connected vehicles can be used to create usage-based insurance policies that rewards drivers based on their driving patterns. The aim is to improve the accuracy of customer-provided information, help to identify and mitigate fraudulent claims, offer more dynamic and precise pricing models, and ultimately reduce the overall risks associated with driving and the stress on policymakers and consumers.
Amy Graham, Services Marketing director at Ford Motor Company, expressed her enthusiasm for the collaboration:
“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 specifically focuses on the utilization of defined data sets tailored for end-to-end insurance solutions within the U.S. Leveraging Wejo’s extensive experience in interpreting both real-time and historical connected vehicle data from approximately 18 million connected vehicles in the U.S. (representing over 79 billion journeys to date), the partnership seeks to establish next-generation auto insurance offerings and further Wejo’s data-for-good mission.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, focused on building a better, more connected world where every person is free to move and pursue their dreams. Ford’s innovative approach to growth combines existing strengths, new capabilities, and constant customer relationships to enhance customer experiences and foster loyalty. Ford designs and delivers innovative Ford trucks, electric and hybrid vehicles, SUVs, commercial vans and cars and Lincoln luxury vehicles, along with connected services. This is achieved through customer-focused business segments: Ford Blue, Ford Model e, and Ford Pro. Additionally, Ford provides financial services through Ford Motor Credit Company.
About Wejo
Wejo is a global leader in Smart Mobility cloud and software solutions, revolutionizing how we live by transforming and interpreting historic and real-time vehicle data. The Company’s employs over 300, focusing on creating smarter, safer, and sustainable mobility solutions for all.
