Wejo and Ford to Leverage Connected Vehicle Data Across Europe to Enable End-to-End Insurance Offerings
28.6.2022 15:00:00 EEST | Business Wire | Press release
Wejo Group Limited (NASDAQ: WEJO), a global leader in Smart Mobility cloud and software solutions for connected, electric and autonomous vehicle data, today announced a collaboration with Ford Motor Company in Europe which gives Wejo access to personalized connected vehicle data from Ford vehicles across the continent. This supports the provision of data and insights to insurance providers that leverage user-based intelligence for end-to-end insurance. Insurance providers, in turn, can leverage the data to better understand driving behaviors and to drive efficiencies, including by minimizing fraud.
“Providing actionable data insights to insurance providers is another example of how Wejo is expanding into additional markets and demonstrating new use cases for OEMs and insurance companies to monetize connected vehicle data for good,” said Richard Barlow, founder and CEO, Wejo. “We will continue to work with partners like Ford and other vehicle OEMs to look beyond insurance to identify all the use cases for connected vehicle data.”
As part of this collaboration, Wejo leverages Ford’s end-to-end data consent process through which the insurance company gains consent from the customer to access the personalized vehicle data such as vehicle location, speed and mileage. Once provided, that consent is then passed back to Ford through Wejo to release the data for analysis and insight. The connected vehicle data (CVD) is then passed back to the insurer to establish usage-based end-to-end car insurance policies that are appealing to the customer based on their safe driving or limited mileage.
Graeme Stevens, Manager, Third Party Enablement at Ford of Europe, said: “At Ford we believe in the power of harnessing connected vehicle data. Through the insights our vehicles and customers can provide us, with full consent, we are able to better understand driving behaviors and ultimately make the insurance experience a much more tailored and cost-effective experience for our customers. We want to continue to demonstrate how through connectivity we are able to help make the driving experience across Europe better.”
The partnership focuses on defined data sets created specifically for end-to-end insurance in Europe. These data sets, coupled with Wejo’s broad range of capabilities and experience in interpreting historic and real-time connected vehicle data, including over 76.7 billion journeys to date collected from approximately 13 million connected vehicles, create an opportunity for deep insights and understanding, as well as furthering its promise of data for good.
“What sets Wejo apart from other data suppliers working in this space is that Wejo has a much broader perspective about how, where and when connected vehicle data can be utilized across multiple areas of the business,” said Matt Bialuk, senior vice president of Dealer and Insurance Solutions at Wejo. “Our experience in real-time traffic monitoring, edge processing and vehicle movements allows us to see the bigger picture so that we can help organizations see the value they can achieve by tapping into CVD.”
For more information about Wejo, visit www.wejo.com.
About Wejo
Wejo Group Limited is a global leader in cloud and software analytics for connected, electric, and autonomous vehicles, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. Wejo enables Smart Mobility for GoodTM smarter mobility by organizing trillions of data points collected from approximately 13 million vehicles and 76.7 billion journeys to date, 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 more than 300 people and has offices in Manchester, 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
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Contact information
Media:
Ben Hohmann, Wejo
Ben.Hohman@Wejo.com
Antonio De Soto, Peppercomm on behalf of Wejo
aDeSoto@peppercomm.com
Investors:
Tahmin Clarke, Wejo
tahmin.clarke@wejo.com
Idalia Rodriguez, Arbor Advisory Group on behalf of Wejo
investor.relations@wejo.com
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