Our vision, investor information and leadership team profiles
Word from Richard
Welcome everyone to another Weekly Wrap from Wejo.
This week, in the aftermath of the storms in the US, we have launched our latest DataForGood™ video on the subject of usage-based insurance (UBI). UBI has the power to transform car insurance in a number of ways that will benefit those who drive well and are honest. By knowing exactly how people are expected to drive, insurance providers can quote for policies more accurately and help keep costs down for responsible drivers. In addition, the growing problem of insurance fraud can be greatly reduced with more accurate liability attributed in the event of an accident. It’s one of the many reasons Palantir and Sompo chose to partner with Wejo.
A team of Wejo representatives has been present at the IAA Mobility event in Munich this week where a number of brands have shown off some impressive new vehicles. The big German brands have been particularly busy on home soil with a lot of new electric vehicles showing a clear direction for the industry, whilst we also saw the European debut of Chinese brand, Wey, who aim to launch their first car, the Wey Coffee 01, in Germany next year. Alongside the announcements that cars from NIO and Lynk & Co. achieved 5-star ratings in the Euro NCAP safety tests this week, it’s clear that Chinese brands are maturing well and are ready to make the ground-breaking move onto the streets of Europe in the very near future.
Speaking of ground-breaking, Wejo this week featured on ForConstructionPros.com’s GroundBreakers podcast, with Pam Fisher discussing how the Indiana Department of Transportation is using Wejo’s connected vehicle data to improve safety and future-proof their infrastructure investments. As director of economic development for the Indiana Department of Transportation, Pam’s testimony perfectly captures one of the great use cases for connected vehicle data – the ability to know where road surfaces have deteriorated and are causing a hazard, so that issues can be rectified quickly without needing the public to report them first.
In addition, Wejo has also featured in the SPACInsider podcast, where I joined Kristi Marvin and Nick Clayton to talk about how we’re already working with Departments of Transport across the US to identify infrastructure improvements (as demonstrated by Pam above), how we’re helping logistics companies improve route efficiency by up to 40%, and how we’ve even machine learned multi-storey car parks in Korea to help cars communicate with each other to identify empty parking spaces, thus reducing emissions.
You can also catch myself and Virtuoso Acquisition Corp. CEO, Jeff Warshaw, in a fireside chat with IPO Edge and the Palm Beach Hedge Fund Association which we recorded on Friday. We talked all about our underlying business fundamentals, existing partnerships, the market for connected vehicle data, and our combination with VOSO.
Finally, I’m delighted to announce that Wejo is now a stakeholder of the Drive Clean Colorado non-profit member organization, who aim to make the air clearer and healthier by pushing for more sustainable mobility solutions in Colorado. This partnership will help Wejo become more visible to organizations working with the DCC who share our ambition of creating cleaner and safer road conditions across the world. Our business development manager Mike Weldon talked to the team about our shared ambitions.
You’ll find the links to all the items mentioned above in the section below.
That’s all for this week, and I look forward to seeing you next time.
DataForGood™: Usage-Based Insurance
This week we launched our DataForGood™ video on Usage-Based Insurance. Usage-based insurance has the power to make car insurance fairer, more rewarding, and less susceptible to fraud, and it’s all possible with the power of our connected vehicle data. Check out the video here.
Wejo at IAA Mobility 2021
This week we’ve been present at the revamped IAA Mobility in Munich where the industry trend clearly points to an electric future for mobility. Given the cancellation of most of last year’s auto shows, it was no surprise to see a plethora of new launches from the local brands, as well as a first venture into Europe for China’s largest SUV manufacturer, Great Wall Motors, under the Wey brand name. You can take a look at many of the launches on sites like Autocar.
ForConstructionsPros.com GroundBreakers Podcast
Wejo’s connected vehicle data isn’t science fiction, it’s here today and already being used to support various organizations and governmental departments. Pam Fisher, of the Indiana Department of Transportation talked to the GroundBreakers podcast all about her experiences of using Wejo data and the benefits it has brought here.
In the SPACInsider podcast, Richard talks to presenters Kristi and Nick all about the work Wejo is doing today with Departments of Transport and global logistics providers, and how the company machine-learned multi-storey car parks in Korea to help cars inform each other of empty spaces. You can listen to the podcast here.
Edge IPO and Palm Beach Hedge Fund Association Fireside Chat
Wejo founder and CEO, Richard Barlow, and Virtuoso Acquisition Corp. CEO, Jeff Warshaw, sat down for a fireside chat with the IPO Edge and Palm Beach Hedge Fund Association to talk about all things related to the planned business combination with VOSO later this year. You can watch the reply of the event at this link.
Wejo Joins Drive Clean Colorado as a Stakeholder
Sharing the ambition of making the air cleaner and healthier by driving better mobility solutions, Wejo and Drive Clean Colorado have partnered together to help make the goal a reality. To mark the occasion, Wejo business development manager Mike Weldon spoke to the team about the shared ambitions of both on DCC’s Stakeholder Spotlight.