Motor fleet insurance pricing service Humn has collected £10.1m in its Series A, which was led by BXR Group and Shell Ventures.
Contributions to the round also came from Hambro Perks Leaders Fund and Woodside Holdings.
With the capital, the InsurTech company hopes to deepen its insurance data capabilities, expand the commercial functions of the business and grow its operations into Europe in 2022.
Humn, an InsurTech100 company, was founded in 2018 with the goal of rewriting traditional motor fleet insurance. Its flagship product, riskOS, achieves this by analysing thousands of in-vehicle and external data points, in real-time, to provide an entirely contextual assessment of driving risk.
This data insight is then used by its insurance product Rideshur to improve pricing. What makes Rideshur standout from the crowd is that it can adjust the insurance premium costs based on the risk exposure at any given time.
Real-time insurance policies help fleet and driver risk managers by simplifying processes and ensuring each driver performs their best on the road. Humn claims this model has helped fleets reduce accidents by 65% and save up to 20% on insurance premiums.
Humn CEO Mark Musson said, “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, the company has received an insurance license from the Financial Conduct Authority and insurance capacity with delegated underwriting authority. Additionally, the company is rolling out its Rideshur solution with select broker networks, distribution partners and fleets.
Humn kicked off 2021 with an investment from Shell Ventures and Marbruck Investments.
Earlier this week, fellow auto insurance company Crabi secured $4m in its seed round. The company wis using the funds to help more people in Mexico access car insurance.
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