UK-BASED deep tech enabled MGA, Humn.ai, has announced the launch of a new fleet insurance proposition called Rideshur.
It is powered by real-time risk platform, riskOS, and the new programme works to provide fleet management companies with tailored, accurate, data driven policies, free from generalised penalties.
Rideshur is able to process hundreds of data points every second to generate a real-time risk score for individual drivers. Working on a live system, risk, trip and exposure data can be analysed instantly, enabling insurers to combine accurate and direct premiums for the creation of company-wide policies.
Fleets can be insured appropriately while fleet managers have the ability to onboard individual behaviour adjusting tools in order to reduce costs year on year. Preliminary data suggests a reduction of 65% in accident frequency and 24% in claims costs.
What data powers Rideshur?
Rideshur gathers more than just driver data. To create a full, unbiased picture, its algorithms assess thousands of data points including weather feeds, traffic patterns and density, roadworks, human movement and social feeds.
Using machine learning, the programme swiftly completes driver profiling while calculating unseen roads risk rating, detecting near-miss incidents and highlighting risk points of interest.
These highly sophisticated data points empower accurate rating and pricing and allow for the deployment and swapping of live models in real-time and works with a fleet’s existing TSP meaning no expensive hardware upgrade is needed.
It’s the use of technology for instant, real life benefit and control. Fleet managers can monitor the way driving habits impact risk and learn which habits lower premiums, as well as manage claims seamlessly through the Rideshur claims hub.
Humn.ai Founder and CEO, Mark Musson, said: “The overarching problem with the traditional insurance framework is that insurers price fleets on a limited set of static risk factors.
“Despite the fact that commercial fleets aggregate huge quantities of data, insurers have been unable to use the data effectively. This has meant that fleet operators are often penalised for market conditions out of their control.
“Rideshur combats this problem with the application of data science. Our algorithms detect events in real-time, taking numerous data sources to calculate risk as it happens, allowing future planning to anticipate and prevent potential incidents.
“The aim of the system is to bring twin benefits to both insurers and fleet operators.”
