Humn, a UK-based MGA insurtech specializing in data-driven commercial fleet insurance, has raised $ 13.7 million in new funding. The money will fuel, in part, further development of its technology and European expansion.
BXR Group and Shell Ventures led Series A, which also included Hambro Perks Leaders Fund and Woodside Holdings.
“This investment adds the fuel to fuel our scale-up phase. We have built the data divide and the unique technology IP stack to fundamentally change the insurance of commercial fleets, ”said Humn CEO Mark Musson in his remarks. “Our goal now is to drive exponential business growth from our MGA in the UK and select EU territories, as well as furthering our mission to deliver the first commercial wrapped autonomous vehicle insurance policy with our partners. AV developers. “
Founded in 2018 and based in London, Humn said it is differentiating itself by consolidating the traditionally separate categories of fleet insurance and risk management. The company describes its riskOS platform as “analyzing thousands of internal and external data points, in real time, to provide a fully contextual assessment of driving risk and a clear basis for pricing” its product. Rideshur insurance. Rideshur is presented as a continuous adjustment of the cost of insurance premiums based on the risk exposure at a given time.
Humn says its technology can accurately measure the real-time context of each trip’s environmental risk and driver performance to adjust insurance policies, as well as reduce premiums in real time, rather than wait. their renewal to obtain a reduction.
Real-time insurance supports fleet and driver risk managers by streamlining processes, ensuring drivers perform best on the roads, helping to reduce accidents, maintenance and business costs, the company said. company. The company said its technology allows coverage to be priced based on actual risk and driving behavior, which it says has helped fleets reduce accidents by 65% and save up to 20% on costs. Insurance premium.
In the past year, Humn has obtained an insurance license from the Financial Conduct Authority and insurance capacity with delegated underwriting authority. Humn is now deploying Rideshur with select broker networks, distribution partners and fleets.
This article was first published in the Insurance Journal’s sister publication, Carrier Management.
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