UK-based InsurTech startup honcho has launched a new partnership with Personal Group, which will supply over 475,000 workers with access to insurance.
Personal provides more than 600 organisations, including Network Rail, DHL and Stagecoach, with employee benefits. Its Hapi app lets employees access benefits with third-parties, including discounts at places including Vue, Adidas, Cineworld and more.
Users of the Hapi app will now be able to directly access honcho car insurance services.
honcho is a self-stylised ?reverse auction marketplacefor insurance policies. On its platform, insurance firms bid against each other in real-time to win customers, trying to beat each other by offering more promising policies. Insurers each pay ?1 to enter the auction, a cheaper alternative to PCW commissions.
Hapi users will now be able to access auto insurance offers from more than 19 providers, which includes Aviva, Axa, Ageas and Zurich.
honcho commercial director Frank Speight said, ?We are delighted to launch our partnership with Personal Group. Through their Hapi app, hundreds of thousands of employees across the UK are already accessing great deals from all manner of providers, and we think it just right that they are now able to directly access the refreshing new world of honesty, transparency and, fairness that honcho is bringing to car insurance. Welcome to our insurance revolution!p>
The InsurTech launched its car insurance market back in Autumn 2019, with the goal of boosting transparency in the space.
honcho has been very active when it comes to raising capital. It is currently underway with a ?300,000 crowdfunding campaign on the Seedrs platform. This is actually the third and final stage of its seed funding stage, which began back in 2019.
The company raised ?750,000 from Maven Capital Partners last year, and secured an additional ?1.2m from a mixture of crowdfunding on Crowdcube and new investments from Maven and Insurtech Gateway.
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