Humn.ai has launched a new fleet insurance product – Rideshur – which uses real-time data to generate premiums.
The company says Rideshur is able to process hundreds of data points every second to create a risk scores for individual drivers, and this will generate premiums tailored to each driver.
Humn.ai said organisations will also be able to review live trips and exposure data, live premiums and perform instant analysis to allow fleets to improve risk management policies.
Mark Musson, founder and CEO of Humn.ai, said: “The overarching problem with the traditional insurance framework is that insurers often have to 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.
“We have built Rideshur to combat this problem with the application of data science, enabling better risk selection.
“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 as more insurers move away from personal motor insurance to commercial and product liability.”