.gif)
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.
Product and Hardware focused startups, take note! CRL is open once again for applications to their six-month accelerator programme, supporting the next gen of product-focused startups.
.png)
Seed Pantry! Gardening for all thanks to this fab startup that is on a mission to get everyone growing more food and flowers
Win 1 of 10 free general admission tickets to attend Digital DNA Belfast, care of upSTART 2018 Major Sponsor, Seedrs, Europe’s leading equity crowdfunding platform.
WIN ONE of TWO FREE startup pod spaces in the startup zone at Digital DNA for FREE.
Mothive - The innovative startup that's helping high value fruit and veg farmers reduce waste, maximise yield and optimise labour costs
Starting with approx 25 disruptive startups and culminating with 1 eventual winner, the upSTART '18 pitching startups at Digital DNA 2018 in Belfast are...
When starting your own business there are many legal pitfalls startups can fall into. Here's a few common reasons why you could end up in legal hot water.
Real estate and proptech focused startups sort for new real estate accelerator programme, RELab, a 12-week accelerator programme, launched by Leading Real Estate Tech investment firm, Goldacre.
What are some ways you can juggle owning a business with raising your kids? Here's some handy tips care of the founder of parenting blog Mom Loves Best.
Social Prescription software platform Elemental Software have been shortlisted for the UKBAA Awards in the Best Female Led Angel Investment Category.
Published on: 27th November 2017
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Hardware Accelerator CRL Open to Applications 16th Jun 2018 Product and Hardware focused startups, take note! CRL is open once again for applications to their six-month accelerator programme, supporting the next gen of product-focused startups.
- Goldacre RElab accelerator programme seeks real estate focused startups 8th Jun 2018 Real estate and proptech focused startups sort for new real estate accelerator programme, RELab, a 12-week accelerator programme, launched by Leading Real Estate Tech investment firm, Goldacre.
- NACUE Varsity Pitch 2018 opens for applications 6th Jun 2018 Fancy winning £10,000, a national title and more networking than you can shake a stick at? Then the NACUE Varsity Pitch Competition 2018 is for you!
- The Startup Leadership Program invites applicants for 8th London cohort 5th Jun 2018 Now with a global network of 3,000 entrepreneurs, the Startup Leadership Program continues to grow, inviting applications for its 8th London cohort.
