Reverse-auction marketplace app honcho has launched to make car insurers bid against each other for the privilege of insuring customers.
The UK-based app pits insurers against each other, encouraging them to provide the best deals for customers in 30-second bidding bouts.
A perk for the insurers is the chance to see what their competitors are offering. Another one is the price – honcho states that it only costs £1 to take part in the bidding whereas price comparison sites could charge up to £60.
The insurers who have already signed up for the UK app include Brightside, Flux Direct, Quoteline Direct, Freedom Brokers, Marmalade and Think Insurance. More are reportedly already in the pipeline to join soon.
Gavin Sewell, CEO of honcho, said, “It’s been a long time in the making and words can’t describe the level of excitement that can be felt around honcho HQ now that the service is live to the public. honcho is one-of-a-kind and will be revolutionary for drivers of all ages. However, we’re especially keen to see the benefits to young motorists who, for so long, have struggled to acquire fairly priced policies – with many paying 149 per cent more than the average driver.
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