honcho - the reverse auction marketplace for insurance
by Startacus Admin
Are Price Comparison Websites (PCWs) really any good for insurance consumers?
Insurtech Startup honcho doesn't think so. Their solution, a reverse-auction marketplace, is looking to revolutionise the way people buy insurance, by making insurers bid and re-bid to win a consumer’s business.
Say what? Yes that's right, honcho - is a mobile-first reverse-auction marketplace where insurers will bid and re-bid to win a consumer’s business. Insurers enter a competitive real-time bidding process to offer the best price to customers. Insurers will then pay a £1 fee to bid rather than the average £50 commission charged by comparison sites (PCWs). Aiming to launch in July 2018 with 15+ insurance brands they want to kick start things off by launching into the car insurance market. Sounds like disruption to us, especially with home, pet, travel..etc insurance left to tap into.
Customers who use the App will simply have to enter their insurance details, hit ‘bid’, watch as insurers bid and re-bid to win their business, (hence the auction bit), pick the right bid, and then use honcho to purchase direct with the insurer. Simples.
Founded by an experienced team with multiple business exits in the wider industry, honcho has raised £595k in investment to date and are currently crowdfunding on equity crowdfunding platform Crowdcube where they are looking to raise £650k. (They seem to be doing pretty well so far).
So if honcho gets its way, and insurance companies then set to compete against each other to win your custom, perhaps honcho can be the win-win solution all us consumers so desparately want... We personally like the sound of that a lot!
If you like the sound of this InsurTech startup, you might want to read up on:
-
Pay-as-you-go insurance startup Zego drives forward with £1.2m Investment
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Exploring how technology is changing the accounting sector and how tech interaction is improving the overall client experience.
The lowdown on InsurTech startup Waggel that's created an innovative new digital pet insurance for pet people...
PropTech startup Vesta, a marketplace for buying and selling residential investment properties with tenants in place, aims to build on early success by fundraising £750k in investment.
The lowdown on the award winning Scottish startup and its innovative health monitoring device
The children's toys that burst to life with your smartphone or tablet through the magic of augmented reality...
The agtech startup that's using IoT technology to help beekeepers and in turn help us all!
Developed by Falmouth University in Cornwall, Launchpad is an innovative, post-grad incubation and acceleration programme. We take a look at some of the previous Launchpad alumni.
Lloyd’s Lab is back and on the global hunt for the next cohort of InsurTech innovators looking to shape the future of insurance innovation.
Time is a precious resource for every startup business. Here are 4 time management tips for startup owners to help juggle a huge number of tasks.
Published on: 27th November 2017
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Falmouth University Launchpad incubates tech legacy 7th Dec 2018 Developed by Falmouth University in Cornwall, Launchpad is an innovative, post-grad incubation and acceleration programme. We take a look at some of the previous Launchpad alumni.
- Ignite Accelerator 2019 opens for North East England startups 16th Nov 2018 North East of England entrepreneurs and startups take note! The Ignite accelerator, a 6 month remote accelerator for MVP stage founders or teams is back.
- Blockchain lab for startups StateZero Labs to offer £50k equity-free 15th Nov 2018 London-based StateZero Labs, the world’s first dedicated Blockchain Lab for startups, will be opening its doors to six selected startups as part of its first cohort in January 2019.
- UK scaling startups sort for Upscale Tech Nation programme 5th Nov 2018 UK-wide scaling startups take note! This free programme, care of Tech Nation is aimed at further accelerating the growth of your business.
