London-based insurtech startup Humn has just raised €11.9 million in Series A funding led by BXR Group and Shell Ventures as well as Hambro Perks Leaders Fund and Woodside Holdings. With the fresh capital, Humn aims to further develop its unique insurance data capabilities and expand the commercial functions of the business, as well as expanding across Europe next year.
Founded in 2018, Humn set out to disrupt traditional motor fleet insurance. Consolidating the traditionally separate categories of fleet insurance and risk management, it has built a solution that provides fleets with unparalleled transparency. Humn’s risk platform, riskOS, analyses thousands of in-vehicle and external data points, in real-time, to provide an entirely contextual assessment of driving risk and a clear basis for the pricing of Rideshur, their dynamic insurance product. Rideshur continuously adjusts the insurance premium cost based on the risk exposure at any given moment.
Using AI, Humn extrapolates data into useful insights. This means they can precisely measure the real-time context of the environmental risk of each trip as well as the performance of drivers in order to adjust insurance policies, as well as drive down premiums in real-time, rather than waiting for their renewal to get a discount. Real-time insurance supports fleet and driver risk managers by simplifying processes, ensuring drivers perform to their best on the roads, helping to reduce accidents, maintenance and business costs.
Humn has turned the underwriting model on its head, allowing risk to be priced on the actual risk and driving behaviour, rather than a simplistic, costly, approach. This model has helped fleets reduce accidents by 65% and save up to 20% on insurance premiums.
CEO of Humn, Mark Musson, commented on the recent funding round: “This investment adds the fuel to power our scaleup phase. We have built the data moat and unique tech IP stack to fundamentally change commercial fleet insurance. Our goal now is to deliver exponential commercial growth of our MGA in the UK and select EU territories as well as advance our mission to deliver the first commercial wrapped Autonomous Vehicle insurance policy with our AV developer partners.”
Over the past year, Humn has secured an insurance license from the Financial Conduct Authority and insurance capacity with delegated underwriting authority. Humn is now rolling out their flexible data-driven insurance, Rideshur, with select broker networks, distribution partners and fleets.