Honey Insurance has launched an innovative home and contents insurance product into the Australian market. Honey researched that over 50% of home claims are avoidable and that utilising in-home sensor technology would significantly assist in reducing home claims incidents. As part of their insurance product, Honey offers $250 of smart home sensors to detect preventable incidents such as fire, water damage and theft. For example, the sensors look for things like leaky water pipes, smoke and open garage doors.
Honey have demonstrated their commitment to superior digital experience allowing customers to purchase insurance in under 3 minutes. The underlying technology intelligently identifies and displays property and other insurance details enabling the customer to ‘verify’, rather than ‘key-in’ details; making it simple and smart to obtain cover.
Certainly, the proposition has the market excited attracting seed funding of over $15m AUD making it one of the largest investment tech start-ups across all business sectors in Australian history. The product is underwritten and supported by RACQ which utilise SSP’s Insurance software platform in conjunction with its own underwriting capacity to support Honey’s requirements.
Bernadette Stone – Chief Technology Officer, RACQ
We’re excited to forge this strategic relationship with Honey Insurance a disruptor in the insurance market. Our partnership with SSP has enabled the flexible and adaptive technology to rapidly go to market and meet this challenge. Through the successful launch of Honey we’ve demonstrated that we can set the pace in the Insurtech arena.
Paul Miller – General Manager at SSP
We’re proud to be providing the insurance platform for such an innovative proposition in the Australian Market. The consistent goal of our platform has been to offer wide product flexibility through no-code configuration to support next-gen go-to-market strategies both rapidly and at low-cost. This Insure-tech launch is a tremendous demonstration of the power of our concept.
Honey, RACQ and SSP’s implementation teams have worked seamlessly and tirelessly together to realise Honey’s vision over the past 6 months.