Shell Ventures funds fleet insurance firm Humn

Humn has secured additional investment from Shell Ventures and existing investor Marbruck Investments as it rolls out new insurance products to fleets in Europe.

Founded in 2018, the insuretech firm consolidates the traditionally separate categories of fleet insurance and risk management, with the aim of offering more transparent fleet insurance to customers.

Its risk platform analyses more than 500 ‘in vehicle’ and external data points to provide an assessment of driver performance and a basis for the pricing of insurance.

Over the past year, Humn has secured an insurance licence from the Financial Conduct Authority (FCA) and insurance capacity with delegated underwriting authority.

It is now rolling out their flexible data-driven insurance, Rideshur, with select broker networks, distribution partners and fleets.

“Partnering with Shell Ventures brings not only fresh capital, but also an investor with a thriving global connected fleet business and expertise to share,” said Mark Musson, CEO and founder of Humn.

“We are looking forward to working with Shell and bringing our class-leading motor fleet insurance product with explainable exposure-based pricing to an even wider audience.”

Humn launched its first product called Rideshur in December 2020. It is a category consolidator delivering a vertically integrated risk management and insurance solution for commercial motor, which provides fleets with real-time risk management insights and insurance pricing.

To date, it says it has helped its customers by reducing their claims cost by up to 24%, accident frequency by up to 65% and insurance premium by up to 10%.

The company has raised more than £7 million in venture funding to date from investors including, Shell Ventures, Marbruck Investments, BXR Advisory Partners and Insurtech Gateway.