Humn is an insurtech company providing fleet insurance. Our platform analyses thousands of risk data points such as environmental factors, vehicle control and driver fatigue to produce a 360-degree journey risk picture. We map this risk through every journey to produce fair and personalised premiums in real-time. We worked hard to make things simple for fleet managers by wrapping a great customer experience in a simple, feature-rich console.
Our AI saves them time doing all of the heavy lifting in the background, helping them identify which drivers to reward and which need support and leaving them to get on with running their business.
How did you come up with the idea for the company?
Today’s fleet insurance products are 20 years old and the sector was ripe for disruption. The components live in disconnected silos and the product promise is frequently broken. Some new entrants have introduced usage-based products, but the very high mileage travelled by commercial customers means the lower-premium price promise can’t be fulfilled.
Our product, Rideshur, brings a fresh approach to this market, consolidating connected vehicle data, risk management and flexible pricing into a single product. We didn’t want to just apply the usual formulaic tech but get into the human impact that insurance can have. By applying behavioural science to the insights we give customers, we can improve safety and reduce accidents over time.
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How has the company evolved during the pandemic?
As the pandemic started, we were very fortunate in that we had just closed a funding round, and used the period to complete our MGA setup, finalising our regulatory approval and securing risk capital to back our product. The fleet market had started to normalise in time for our re-launch in late December 2020.
We’ve also brought more people on board throughout 2021 to help the business grow, and are on track to close the year with close to 60 Humns.
What can we hope to see from Humn in the future?
In the short term, we’re building out our European operations, adding core country teams in the Netherlands and Germany initially with a phased entry in Spain and France. Looking ahead, we’re exploring how our product will produce realistic and fair premiums for autonomous fleets, as well as investigating how we can provide a more eco-friendly service for our customers.