Ford is working with a UK company to provide complete data to car insurers | Rare Techy

U.K.-based Wejo Group Ltd., a global provider of cloud and software solutions for connected, electric and autonomous vehicle data, announced today that it is expanding its U.S. insurance offerings with Ford Motor Co. in Dearborn.

With Wejo and Ford’s collaboration, insurance providers can better understand driving behavior through connected vehicle data and insights to support user-based intelligence for end-to-end insurance.

The announcement comes after Wejo and Ford successfully launched the same program across Europe in June.

“Expanding our joint capabilities with Ford in the US will enable mutual benefits for both policyholders and insurers as auto insurance companies end-to-end use of data from connected vehicles,” says Wejo Founder and CEO Richard Barlow.

“We are excited to capture the estimated $1.7 billion total addressable user-based insurance market in the U.S. by 2030 by partnering with vehicle OEMs to help insurers leverage actionable data. Our expanded partnership with Ford on comprehensive insurance is an important step towards reinventing car insurance for a smarter and safer future.

If this offering is available, with customer consent, data from connected vehicles can be used to create usage-based vehicle insurance policies that reward customers based on their driving behavior. This data can help the vehicle insurance industry better validate the details provided by customers, identify and minimize insurance fraud, provide more accurate dynamic pricing models and reduce risks associated with safer travel and stress for policymakers and customers.

“We are excited to expand our underwriting services relationship with Wejo into the US market,” says Amy Graham, director of service marketing for Ford. “Connected vehicle data allows insurance providers to better understand driving behavior, which can lead to discounts for policyholders and ultimately help reduce the total cost of vehicle ownership for our customers.”

This agreement focuses on the use of defined datasets created for Complete Insurance in the US to interpret Wejo’s documented and real-time connected vehicle data, including more than 79 billion trips collected from approximately 18 million connected vehicles to date. vehicles in the U.S., creates an opportunity to help insurance companies globally deliver the next generation of auto insurance to advance their promise of data for good.