CORE INSURANCE,AUTOMOBILE INSURANCE
Ford Motor Company and Wejo | November 30, 2022
Wejo Group Limited (NASDAQ: WEJO), a global leader in Smart Mobility for Good and cloud and software solutions for connected, electric and autonomous vehicle data, today announced the U.S. expansion of its insurance offering with Ford Motor Company.
Insurance providers will 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. This announcement comes after Wejo and Ford successfully launched the same program throughout Europe in June.
“Expanding our joint capabilities with Ford in the U.S. enables mutual benefit to both policyholders and insurers as auto insurance companies leverage connected vehicle data for good, We’re excited to embrace the estimated $1.7 billion by 2030 total addressable user-based insurance market in the U.S. by working with vehicle OEMs to help insurance providers leverage actionable data insights. Our expanded partnership with Ford for end-to-end insurance is a significant step toward reinventing auto insurance for a smarter, safer future.”
-Richard Barlow, founder and CEO of Wejo
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.
We are excited to expand our insurance data services relationship with Wejo into the U.S. market, Connected vehicle data allows insurance providers to better understand driving behaviors which can result in discounts to policy holders and ultimately help reduce the total cost of vehicle ownership for our customers,said Amy Graham, Services Marketing director at Ford Motor Company.
This agreement focuses on using defined data sets created for end-to-end insurance in the U.S. Wejo’s broad range of capabilities and experience in interpreting documented and real-time connected vehicle data, including over 79 billion journeys to date collected from approximately 18 million connected vehicles in the U.S., creates an opportunity to help insurance companies globally deliver the next generation of auto insurance to further its promise of data for good.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, as well as connected services. Additionally, Ford is establishing leadership positions in mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs about 176,000 people worldwide.
Wejo is a global leader in Smart Mobility cloud and software solutions for connected, electric, and autonomous vehicle data, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. The Company enables Smart Mobility for Good™ products and services by organizing trillions of data points from approximately 20 million vehicles and more than 85 billion journeys globally, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo employs approximately 300 people and has offices in Manchester in the UK and in regions where Wejo does business around the world.
CoverEase and Beam Benefits | October 07, 2022
CoverEase, a digital insurance broker, announced today a partnership with the digitally-native employee benefits provider, Beam Benefits, via the addition of Beam's dental and vision products to their digital platform. CoverEase is the first company in the United States to offer businesses the ability to get instant online dental and vision quotes for their employees.
The new integration adds Beam's dental and vision options to the company's marketplace which quotes workers' compensation, business liability and property, cyber liability insurance, group health insurance and term life insurance for up to $2 million in coverage.
CoverEase CEO Shawn Edgington shared her excitement for the future of CoverEase with the incorporation of Beam, As our platform evolves and expands with additions like Beam Benefits, we're able to accelerate innovation, reduce costs, and save business owners time and money.
"Beam is thrilled to partner with CoverEase, a proven leader in the employee benefits ecosystem, Through our integration, businesses using CoverEase can access dynamic & transparent dental and vision benefit pricing. We are excited about the technology enabling this partnership, and look forward to working further with CoverEase and their customers."
-Alex Frommeyer, Co-founder and CEO of Beam Benefits
CoverEase uses decades of best practices research, plus today's most advanced InsurTech to un-complicate the complicated. This approach results in a lightning fast, easy and awesome way to shop, compare, and buy business insurance and employee benefits.
CoverEase, a digital insurance broker, has reinvented the way businesses shop, purchase, and save on the insurance products that businesses need most. CoverEase utilizes an online "Amazon-like" shopping experience with unmatched quotes from the best insurance brands in the country. CoverEase, headquartered in Livermore, California, with offices in New York, is WBENC certified and led by CEO Shawn Marie Edgington.
About Beam Benefits:
Beam Benefits is a digitally-native employee benefits company that offers dental, vision, life, disability, and supplemental health coverage for employers of all sizes. The company simplifies and modernizes the $100+ billion ancillary benefits industry through its intuitive online platform, self-service tools, AI-powered underwriting, and thoughtful coverage for improved overall wellness. Its Beam Perks™ program* offers incentives to members and rewards them for healthy behaviors. Beam has raised over $160 million in funding and is available in 44 states across the U.S.
Vertafore | October 06, 2022
Vertafore®, the leader in modern insurance technology, today announced its Commercial Submissions™ solution has been recognized for technology innovation by the NU PropertyCasualty360 Luminaries program. This industry-focused recognition program spotlights innovation by companies, people, programs, and practices that are modernizing and humanizing the P&C business.
The platform was honored for automating and simplifying one of the industry's most time-consuming processes: quoting small commercial insurance. Honorees are selected by a panel of industry experts.
In a September 2022 survey of 800 independent agents, Vertafore found that 65% of respondents said their agency would benefit from automated quoting for commercial insurance lines. However, less than one in ten said they had access to such technology.
Commercial Submissions is delivering a game-changing experience for independent agents and the business clients they serve by:
Connecting agencies and carriers in real-time, allowing the exchange of structured data and real-time quoting.
Enabling real-time digital collaboration with clients to complete applications quickly and accurately.
Prefilling information from Vertafore agency management systems and third-party sources to reduce redundant, manual data entry.
The award reflects the platform's growing momentum. Vertafore also recently announced the latest carriers to join Commercial Submissions, bringing even more choice to the solution.
"Commercial Submissions isn't technology just for the sake of innovation, it is about making it faster, easier and simpler for agencies and carriers to work together to deliver the coverage their clients need, We're honored that the platform is being recognized for helping to modernize and humanize market connectivity."
-James Thom, chief product officer at Vertafore
As North America's InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore's solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers.