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:
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Pay-as-you-go insurance startup Zego drives forward with £1.2m Investment
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Published on: 27th November 2017
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