DEARBORN (dpa-AFX) - U.K.-based Wejo Group Limited (WEJO) that provides software solutions for smart mobility, on Tuesday announced the U.S. expansion of its insurance offering with Ford Motor Company (F).
The insurance data services relationship agreement focuses on using defined data sets created for end-to-end insurance in the U.S. Insurance providers would be able to better understand driving behaviors through connected vehicle data and insights to support user-based intelligence for end-to-end insurance with the help of Wejo and Ford's collaboration. Wejo and Ford had earlier launched the same program throughout Europe in June.
When this offering is available, with customer consent, connected vehicle data can be used to establish usage-based vehicle insurance policies that reward customers based on their driving behaviors. This data can help the vehicle insurance industry better validate customer supplied details, identify and minimize insurance fraud, offer more accurate dynamic pricing models, and reduce risks for safer journeys and less stress on policymakers and customers.
Shares of Wejo Group are currently trading in pre-market at $1.10, up $0.11 or 10.60 percent from the previous close.
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