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What are the applications of the data gathered by wejo in order to improve the overall insurance experience?

We are working with a number of insurers in the US and Europe, and we are helping them with not only the claim element in the event of an RTA but also throughout the overall lifecycle of a policy. For example, with one OEM, who we work with in fourteen countries, we are helping to build a usage based insurance product. Historically, UBI has been through black boxes, a product that is predominately given to young drivers that may be of a high risk. wejo’s data will be instrumental in modernising the insurance industry, enabling the introduction of new products such as pay as you go insurance. wejo seeks to support insurers throughout their policyholder lifecycle, helping drive a more meaningful engagement and dialogue through the use of data and supporting the insurer to deliver more personalised solutions for their customers and operational efficiency. This is particularly true at point of incident, where through the wejo accident assistance services we are able to share FNOL data with insurers within minutes of an incident occurring. Postincident we can support insurers with crash reconstruction, claims investigation and fraud identification through the generated car data. We see this service as crucial in supporting the driver post incident and in facilitating, with lost incidents, a more timely resolution of claim for the drivers.


How can insurers further utilise technologies that customers already possess in order to better utilise vehicle data?

We’ve found technology like eCall has been used for a number of years and that most new vehicles in production have the capability to share data with the insurer, should the permission exist. It’s not an implementation of new technology

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that needs to happen, but it’s technology that already exists in the car being utilised effectively that will create progress. wejo recognises that insurers in most cases neither have the desire or capability to integrate with each individual manufacturer; it is our experience that OEMs wouldn’t seek to support multiple integrations regardless. wejo’s data exchange removes the issue of integrating, enabling insurers to access customer data through our single exchange platform, ADEPT. We understand the importance of being able to add value now for insurers, and as such the majority of our integrations are bespoke, allowing insurers to ingest information directly into their existing systems. In addition to the data feed, we offer voice support, and through our contact centre team we build relationships with insurers over the phone, mirroring the practises that they have today for claims notification and support.


How will consumers’ relationships with their vehicles change in the future, and how should vehicle and mobility solutions providers respond to this?


There is a general understanding that the car is utilised for less than 20% of a person’s time in a day. OEMs have predicted that the usage won’t go up, even though the relationship between drivers and their vehicles is evolving. We envisage a variety of likely scenarios, all of which rely on connected car data. Insurance is likely to become more transient and driven by a desire from customers for flexibility, something that data is likely to support, with drivers no longer responsible for reporting own mileage or driving style, for example, and therefore enabling a more flexible insurance model. Car sharing may increase, and insurers might have to deal with a car that doesn’t have one driver over the year but 300 drivers, and they will need to provide insurance that lasts for one hour or one day rather than one year.

Issue 30

Profile for Charlton Grant

Modern Insurance Magazine Issue 30  

Modern Insurance Magazine Issue 30