By-the-moment pricing saves 20% on insurance costs for highly utilised taxi fleet.
Online PR News – 14-November-2018 – HUMN.ai, the stealth inshuretech startup developing by-the-moment risk-adjusted insurance pricing for highly utilised vehicles such as rideshare fleets has successfully completed a pilot with a London-based rideshare car leasing fleet.
The Rideshur platform collects real-time streaming telematics data and continuously adjusts the insurance premium cost based on the risk exposure at any given moment.
Rideshur will enable our insurance partners to sell on-demand insurance to fleets with fully utilised assets on a metered basis with the unit price being adjusted in real-time. The platform pricing model is flexible and units can be metered by either time or distance.
A new price is cut every 200 milliseconds and rates are varied depending on the state of the vehicle and the risk associated with the driving style of the driver as well as external conditions such as traffic, weather, road types and speed limits as well as fatigue, distraction and a proprietary "crash map" built by HUMN.ai.
Mark Musson, HUMN.ai CEO said: "We ran an exercise of parallel pricing and proved a 15-20% cost savings even though the vehicles cover very high mileage. This proves our hypothesis that it is possible to develop new pricing models for fleets with vehicles that cover very high mileage and are traditionally rated on that fact alone. HUMN.ai is now focussed on finalising insurance partnerships which are currently in negotiation and look forward to announcing the consortium to back our product shortly."
HUMN.ai is building a new type of insurance for the future mobility market and has developed a real-time risk pricing engine running in a blockchain smart-contract for intensively utilised fleets such as those leasing cars to rideshare drivers. For more information visit: https://www.humn.ai
“Fleets need fairer insurance policies that are based on real-time usage made possible by the combination of streaming big behavioural data, machine learning, AI and the IoT all automated through smart contracts that are totally transparent.”