London-based Humn, which provides real-time data-driven fleet insurance, has acquired Walsingham Motor Insurance Limited (WMIL).
As part of the acquisition, Garry Watson, currently CEO of WMIL, will become managing director of the Humn UK Insurance business.
The acquisition, Humn said, will help to transform the way commercial fleet insurance can be priced and give control back to customers. This aim is particularly poignant amongst the ever-increasing fuel prices and environmental charges such as ULEZ, by cutting unnecessary costs in insurance.
Walsingham Motor Insurance prides itself on its approach to motor insurance, by focusing on delivering an underwriting profit through good risk selection and efficient claims management and not by relying on income from ancillary products or the selling of claims information.
Over the past three years, Humn has built a unique, data-led platform that aims to transform the way commercial fleet insurance can be priced, and also puts tools in the hands of their customers to manage the exposure of the fleet on a daily basis, thereby bringing down the cost of insurance in real-time.
Humn said its platform has shown to reduce accidents by 65%. The will look to introduce 15,000 vehicles from the WMIL fleet to its platform and insurance product, generating improvements in claims frequency, loss ratios and therefore profitability.
Mark Musson, CEO of Humn, said, “WMIL’s seasoned operators will add to our high performing insurance team, as well as exponentially accelerate our distribution network with brokers, relationships that traditionally take years to develop.”
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