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.
The impressive cohort of leading late-stage tech companies taking part in Tech Nation's prestigious Future Fifty programme has now been revealed...
Emeka Ikechi, Director of Vanity Studios shares his insights on the importance of getting your social media imagery right and a few of the key things you should consider...
.png){kind=logo}
The lowdown on JustTip, the Dublin-based fintech startup that's developed an innovative solution to change the way we tip
Want to streamline your business protection? Here are 5 of the top SaaS tools that can help you do just that.
Got issues with equipment theft by employees in your office or workplace? These practical tips will help prevent just that.
.jpeg)
Ensuring your employees are safe in the workplace is a must. Here are a few of the best ways that you can do just that.
The lowdown on the innovative companies that have been accepted into Net Zero 2.0, the programme dedicated to supporting the UK’s most promising climate tech companies
Fintech startup Lightyear announces major funding boost to accelerate its plans to open up transparent and low-cost investing to everyone in Europe
Planning to build your business into a luxury brand? These tips will help you do just that...
.png)
The lowdown on Abtrace, the startup that's created an AI solution to help clinicians make more informed decisions and deliver earlier diagnosis
Published on: 27th November 2017
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Shutterstock Acquires Leading Creative Design Platform PicMonkey 10th Sep 2021 Shutterstock acquires PicMonkey to help expand its offering to small businesses, by providing additional tools to non-professionals to elevate their visual content
- Thermulon fundraise to support development of innovative thermal insulation product 8th Sep 2021 Thermulon launches CrowdCube campaign to help bring its innovative aerogel solution to the fast-growing global thermal insulation market.
- UK's Female Startup of the Year 2021 competition now open 3rd Sep 2021 Inspiring and ambitious female founders take note - Enterprise Nation's annual Female Startup of the Year competition is open for applications
- ECOncrete Secures $5 million+ Series A Funding 1st Sep 2021 Major funding boost for ECOncrete Tech to support development and growth of its innovative ecological marine construction solutions.
