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13 October 2021 Insurance

Fleet motor insurtech Humn raises £10m in Series A funding

London-based insurtech Humn has raised £10.1 million in Series A funding led by BXR Group and Shell Ventures as well as Hambro Perks Leaders Fund and Woodside Holdings.

With the investment, Humn said it aims to further develop its unique insurance data capabilities and expand the commercial functions of the business, as well as expanding into Europe next year.

Founded in 2018, Humn has built a solution that provides fleet motor insurance with greater transparency. Its risk platform, riskOS, analyses thousands of in-vehicle and external data points to provide an entirely contextual assessment of driving risk.

Humn claims to have 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, 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.”

Amory Poulden, Venture Principal at Shell Ventures, investor and Board Director, Humn added: “In a sector dominated by opaque and siloed offerings, Humn is rapidly establishing itself as the transparent, fair and flexible option for the modern fleet. Since our initial investment, we have been continually impressed with the whole team’s clarity of vision and speed of execution. We are excited to deepen our commitment to helping Humn become the market leader for commercial fleet insurance.”

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