Latest from Wejo who are forging ahead with in-car, shared data. The benefits of having that data for insurers and brokers are many of course, and could expand in the future as data from devices being used inside the vehicle are linked to locations, times, shopping habits etc. Here’s the word from Wejo;
Wejo Group Limited (NASDAQ: WEJO), recently 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 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.