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.
Tech Nation calls for tangible support to secure capital, talent, growth and exits needed to accelerate the growth of UK tech in decade ahead.

Glasgow-based This is Milk seeks investment for Neve Learning, its cloud-based Ed-Tech platform that has inclusivity and accessibility at its core.

With the UK facing a clear digital skills gap, Amy Caton, Digital Talent and Impact Senior Manager at BT Group shares some insights on what businesses should do to close that divide.

The lowdown on Berlin-based Beazy and its innovative solution that helps teams to plan, produce and deliver creative content and helps businesses to connect with talented content creators.

The lowdown on Fluffy, the app offering dog training, 24/7 vet messaging and insurance to give pet owners peace of mind and support them with their pet care responsibilities.

Huckletree's new Web3 HQ aims to put London’s West End at the forefront of Britain’s tech superpower ambitions.

Leading sports marketing platform, OpenSponsorship announces move into music sector, the first new vertical industry for the trans-Atlantic martech business.

Kingussie High School scoops first place for Junior and Senior categories at this year’s Growing Future Assets Competition.

The lowdown on Manchester-based Arctic Shores and its innovative recruitment solution to help candidate potential count as much as skills and experience.

With the demand for tattoo removal now greater than ever, specialist NAAMA Studios makes a bid for a further £11m in funding.
Published on: 27th November 2017
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- Tech Nation report reveals UK Tech could quadruple in value by 2032 with right conditions 23rd Mar 2023 Tech Nation calls for tangible support to secure capital, talent, growth and exits needed to accelerate the growth of UK tech in decade ahead.
- Neurodiverse learning and training platform Neve shares major six-figure investment opportunity 22nd Mar 2023 Glasgow-based This is Milk seeks investment for Neve Learning, its cloud-based Ed-Tech platform that has inclusivity and accessibility at its core.
- Huckletree opens new London hub for tech companies pioneering Web3 solutions 16th Mar 2023 Huckletree's new Web3 HQ aims to put London’s West End at the forefront of Britain’s tech superpower ambitions.
- OpenSponsorship making its move into the music sector 16th Mar 2023 Leading sports marketing platform, OpenSponsorship announces move into music sector, the first new vertical industry for the trans-Atlantic martech business.