Wejo shifts focus from UBI to claims
Wejo is shifting its focus from usage-based auto insurance, judging by statements made by the founder and CEO of the connected car data company, Richard Barlow. The move represents a reversal in strategy for the company, which had previously highlighted usage-based insurance as a key growth area.
To provide one example, in 2019, following Wejo’s partnership with Daimler, it had access to five categories of vehicle-generated data, including pay-as-you-drive insurance, fuel status, vehicle status, vehicle lock status, and data specific to electric vehicles.
Now, Barlow says that usage-based insurance is becoming commoditized – “there’s very little difference between any providers out there in terms of how they score driving behavior” – and that the company is now focused on what it calls “end-to-end insurance,” referencing the use of telematics at the event of a claim.
According to Barlow, Wejo’s data can help insurers have an earlier intervention, and have a quicker recovery that reduces tow and storage costs. In terms of data retrieved from the vehicle, it can identify in real-time panel damage through most manufacturers. “We actually shorten – significantly shorten the repair times of vehicle.”
Bottom Line: How Spire transpired is for the best.