Another year is almost in the books! We’d like to sincerely thank our partners, brokers, clients, and colleagues for a stellar year. It’s certainly had its challenges at times, but the future looks brighter than ever. To round up the year, we asked superhumns from across the business to share what 2022 entailed for them. Here’s what they had to say.
Garry Watson, Managing Director – UK Underwriting
So, we’re now one year on since Walsingham was acquired, and we became part of the Humn family. Let’s look back at the last 12 months, and take a brief look forward to 2023.
It’s fair to say that it has been an interesting time in the Commercial Motor Market. Events throughout the world brought major supply chain issues and economic turmoil resulting in double-digit claims inflation. On top of the post-Covid environment, these factors have seen investors, insurers, reinsurers, and just about everyone else in the market become a little more risk-averse than in past years. The 1 January and 1 April Excess of Loss renewals are threatening huge rate hikes, further increasing the pressure on premiums to move.
Meanwhile, at Humn, we have successfully integrated the trading team and now offer Mulsanne capacity alongside our New India facility. We’ve had an excellent year, trading has been on target, and our relationships with our retail broking community have grown stronger.
The Roadshow earlier in the year allowed us to meet many of you and showcase the Rideshur platform. The great response it received has been translated into excellent take-up from customers. This has been a fantastic learning experience for all concerned and we’re now streamlining the onboarding process and making the whole thing simpler and more transparent. A new dashboard has been developed for the Rideshur platform making it even more user-friendly. We will be visiting you again in early 2023 to both show you what we have been doing and to give you an update on our plans for the coming year.
We believe that Rideshur will offer your clients a great opportunity to reduce the risk to their business, bring down loss ratios, and ultimately control premiums at a time when there are going to be premium increases in the market.
We’ll see you in 2023, but in the meantime have a great Christmas and a very prosperous 2023!
Alex Dimas, Product Lead
2022 has been an incredible year for our product, we achieved many major milestones in its evolution.
Around this time last year, we started thinking about how we could make Rideshur better for our users. We wanted to highlight even more information about fleets, premiums and drivers' risky behaviours in an intuitive interface built around user feedback.
In parallel, Humn and the product team grew during the year, and we now have world-class Behavioural Scientists, Designers, Data Scientists and Engineers working together to help us bring an even more refined Rideshur experience to you, helping businesses control premiums and loss ratios by working in tandem with drivers.
2022 marked the initial release of the next generation of the Rideshur Dashboard, and we can't wait for 2023 to show you what the future holds for the platform. We’ve got big releases planned in areas such as claims, risk management and onboarding, so stay tuned!
We hope to see you all in the new year and speak to you about our products.
Marc Smart, Portfolio Manager
Two years on from 2020 and the market continues getting to grips with its new normal. A full year free of any Covid restrictions has seen businesses operating and vehicles back on the road, but economic factors both at home and abroad have done nothing to ease the pressure. Businesses face increased costs everywhere and insurers are no different. Soaring claims inflation and reinsurance price hikes threaten the bottom line.
Despite these challenges, the MGA market continues to provide innovative solutions and technology that’s ready to respond to the world today. Our ‘Pay How You Drive’ policies have helped our clients take control of their fleet’s risk and the price they pay. We’re really proud of the number of clients renewing with us for another year.
This year we’ve also updated our Rideshur platform to be better than ever, providing our clients with deeper insights into their fleet to facilitate engagement with risk management and reduce exposure. We welcomed our colleagues from Walsingham, who have brought a wealth of experience, expertise, and lovely people into our business. We attended BIBA and other events to build on and establish new relationships. We launched a new website, set up new communications and hosted many of our brokers for rooftop socials.
We have big plans for 2023 and we’re looking forward to sharing these exciting updates with you all. Have a great Christmas and a prosperous new year!