How Wejo is finding value in data for the motor industry

Finding value in data

The motor industry receives huge quantities of data every second – with that volume constantly increasing. Wejo is harnessing that data with the aim of becoming the go-to source of insight to drive smart mobility for motoring manufacturers.

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Richard Barlow founded Wejo three years ago with a clear aim: to set up a data exchange in the motor manufacturing (aka original equipment manufacturer, or OEM) sector.

Motor manufacturers collect large amounts of data. However, without a data exchange in place between OEMs and selected third parties the full potential of the data is never realised.

This exchange of information requires consent from the driver, known as a ‘value exchange’. Wejo builds such value exchanges for OEMs, drivers and their customers.

The amount of data is constantly growing, partly because Millennials are moving away from traditional car ownership and towards a car-sharing model, and also as connected cars increase in popularity. 

OEMs need to share insight – or risk drowning in data as the industry moves forward at pace.

Key highlights of our video: 

  • Wejo gleans insight from 1.7 million cars (at a rate of 100,000 messages per second) – an enormous amount of data to be processed.
  • Millennials are less likely to own vehicles – car pooling and car sharing are becoming even more common.
  • Insurers have been quick to share insight around pricing, but less so when it comes to the life cycle of policy holders.
  • Wejo works with top US insurers to reduce claims costs – providing direct feeds from cars involved in claims costs. Currently they process 15,000 claims a month, a figure that will only grow as technology evolves.

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