Finance Durham Fund
North East Development Capital Fund
Honcho is a reverse auction insurance platform. It has developed an innovative app which provides consumers with a transparent, cost-effective and engaging way of buying car, home, contents, travel or pet insurance. honcho asks insurance providers to bid against each other for customers, competing for their custom in real-time. The bidding process takes just 30 seconds, goes through three rounds of bidding and encourages insurance providers to offer the best possible policy and price to the consumer with a product that matches what they have asked for.
The UK consumer insurance industry is the largest in Europe and third largest globally, with over 900 authorised general insurance companies in the UK alone. The market is currently dominated by price comparison websites which are increasingly being scrutinised for a lack of transparency. Unlike some price comparison websites, which charge insurers expensive commissions of up to £60 per policy which is passed onto the consumer within the price they pay, honcho charges insurers and brokers just £1 to compete for consumers’ custom. This encourages more competitive policy prices, especially for younger applicants.
The team at Maven have been supportive and engaged partners and we are encouraged by their continued belief in the honcho proposition, and in our ability to disrupt what is becoming an ever more distrusted market.
Gavin Sewell, CEO at honcho
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