InsurTech Humn has been backed by Shell Ventures to expand the roll-out of its fleet insurance product throughout Europe.
The London firm also announced new funding from existing investor Marbruck Investments and will also expand within the UK market.
Founded in 2018, Humn has built a solution that consolidates the traditionally separate categories of fleet insurance and risk management to solve an overriding customer requirement for more transparent fleet insurance.
Its risk platform analyses over 500 ‘in vehicle’ and external data points to provide an entirely contextual assessment of driver performance and a clear basis for the pricing of their dynamic insurance.
Over the last year, Humn has secured an insurance licence from the Financial Conduct Authority and insurance capacity with delegated underwriting authority. Humn is now rolling out its 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 CEO and founder Mark Musson.
“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.”