Humn accelerates fleet insurance roll-out with Shell Ventures backing
Shell Ventures is providing funding to London insurtech Humn, helping to accelerate the domestic and international roll-out of its fleet insurance services.
Founded in 2018, Humn has developed a new fleet insurance proposition using real-time risk data to bring tailored and transparent data-driven policies for fleets. The risk platform analyses more than 500 ‘in-vehicle’ and external data points to assess driver performance, providing a data-driven basis for the pricing of its dynamic insurance, dubbed Rideshur. As a result the solution can provide a range of risk management and cost benefits for fleets; to date, Humn has helped its customers reduce their claims cost by 24%, accident frequency by 65% and insurance premium by 10%.
Over the last year, Humn has secured an insurance licence from the Financial Conduct Authority and insurance capacity with delegated underwriting authority and it’s now rolling out its Rideshur solution with select broker networks, distribution partners and fleets.
Mark Musson, CEO and founder of Humn, said: “Partnering with Shell Ventures brings not only fresh capital, but also an investor with a thriving global connected fleet business and expertise to share. We are looking forward to working with Shell and bringing our class-leading motor fleet insurance product with explainable exposure-based pricing to an even wider audience.”