Commercial fleet operators could reduce their premiums by as much as 20% with the help of a new insurance solution.

Ctrack and Humn will help vehicle operators reduce premiums up to 20% by combining the latest advances in contextual risk data, fleet telematics and dynamic insurance pricing

Aimed at both car and van fleets, the proposition teams up the latest advances in contextual risk data, fleet telematics and dynamic insurance pricing.

It’s been developed by London insurtech Humn in partnership with telematics firm Ctrack. The two firms have integrated the Ctrack Online web-based tracking solution with Humn’s Rideshur data-driven insurance management system.

This will enable a usage-based premium, priced per trip in real-time, that considers location and driver performance alongside thousands of other risk factors, such as weather, time of day and driver fatigue.

The insights will also enable the solution to recommend remedial action for drivers to improve their behaviour on the road.

“We are working together with Humn to create a unique solution that delivers a comprehensive understanding of risk, so commercial fleets can cut insurance costs while improving road safety,” said Steve Thomas, managing director of Ctrack. “Backed by data, the powerful, real-time insight ensures flexible and fair insurance based on where, how and when the vehicles are driven.”

James Cowen, chief commercial officer of Humn, added: “Our insurance offering, working seamlessly with Ctrack Online, will be the smartest way of assessing and reducing risk for vehicles. As a result, we believe it can dramatically cut a fleet’s premium by reducing accident frequency by up to 65% and average claims cost by up to 25%. We are excited by this strategic partnership with Ctrack and the significant opportunities it offers both businesses moving forward.”