Wejo Group Limited (NASDAQ:WEJO) has collaborated with Ford Motor Company (NYSE:F) in Europe, which gives Wejo access to personalized connected vehicle data from Ford vehicles across the continent.
Wejo is a leader in Smart Mobility cloud and software solutions for connected, electric, and autonomous vehicle data,
What Happened? As part of this collaboration, Wejo leverages Ford's end-to-end data consent process helping the insurance company gain consent from the customer to access the personalized vehicle data such as vehicle location, speed, and mileage.
Once provided, that consent passes back to Ford through Wejo to release the data for analysis and insight.
The connected vehicle data (CVD) passes back to the insurer to establish usage-based end-to-end car insurance policies that appeal to the customer based on their safe driving or limited mileage.
Why Does It Matter? The partnership supports providing 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 understand driving behaviors better and drive efficiencies, including by minimizing fraud.
The partnership focuses on defined data sets explicitly created for end-to-end insurance in Europe.
These data sets, coupled with Wejo's broad range of capabilities and experience in interpreting historical 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.
"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, of Wejo.
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."
Price Action: WEJO shares closed lower by 5.43% at $1.22 on Monday.
