Wejo aims to take telematics into the mainstream with policy discounts and money off at coffee shops and petrol stations
The big four price comparison websites will face further competition in September when a new telematics aggregator is launched.
Wejo is aiming to take telematics into the mainstream market with an aggregator site that offers discounts of up to 35% on policies, as well as money off at petrol stations, coffee shops and car parks.
The savings can be accessed by consumers through downloading and installing a free Wejo app on their Android or iOS smartphones.
Founder and chief executive Richard Barlow told Insurance Times that he hoped to break into the mass market by offering a suite of different discounts and services not yet on offer through a telematics product.
“If the consumer doesn’t mind giving us their data, I hope that within a year they will have saved enough money to pay for their insurance policy,” he said.
Barlow also confirmed that 100 insurers had already signed up as panel members, and that private equity backing allowed for an advertising budget of £10m-plus in the first year.
The company is also in talks with a global car manufacturer to install the Wejo app into its new range of connected cars.
Barlow said that this would allow Wejo to stay competitive in a quickly changing market.
“[Connected cars are] not going to happen next year, but in the next seven years your car will become a big determiner in how you get insurance,” he said.