Honcho Markets: Most Innovative B2C Insurance Pricing Global 2019

Insurance industry disrupter, honcho, has flipped the market by creating a real-time live auction where insurance providers compete for consumers’ business. The company is an FCA-regulated software solutions business that brings together the UK’s top insurance providers in a digital reverse-auction platform for prospective policy holders. With honcho’s mobile and desktop application, UK drivers upload their licence and make their policy wish list. Insurers then fight it out in a 30-second auction to pitch the best deal. Consumers are guided to the most suitable fit, whether by bottom-line budget or the app’s “honchometer” score, which shows how closely each bid matches the specified policy parameters. Since its August 2019 launch, the company has focused mainly on the young driver market and signed up more than 10,000 people to the app. As the company continues to on-board providers, it is gaining traction across all age brackets in the car insurance market. Honcho Markets exceeded its funding targets by nearly $265,000 in 2018, ultimately raising over $1m and closing the round early. In 2019, it received further funding from Maven Capital Partners, totalling more than $990,000. As 2020 unfolds, the company expects to expand services across a range of other insurance products and markets. honcho’s reverse-auction marketplace encourages transparency and healthy competition — and invites consumers to “play hard to get”. The CFI.co judging panel agrees that fair competition promotes cost-efficient consumerism as well as better customer care. The judges declare Honcho Markets as the 2019 Most Innovative B2C Insurance Pricing (Global) award winner.