honcho is the UK’s first reverse auction marketplace for financial services, and they’re offering customers a new way to buy insurance. They were selected for the prestigious Tech Nation Fintech programme 2019 and have raised almost £900k through Crowdcube.
Set up as an alternative to price comparison websites (PCWs), honcho aims to drive increased competition and pricing transparency through an auction where insurers bid against each other in real-time, with decreasing prices, to win people’s business. Every insurer pays £1 to enter an auction instead of PCW commission which allows brokers/insurers to make pricing decisions based on risk and commercial factors as they can see each other’s pricing.
Honcho currently has 14 insurers and 10,000 customers and has selected Quote the market to help them offer the broadest range of insurers. Quote the market is part of the pH Innovate group who are at the forefront of the insuretech industry.
Quote the market provides an outsourced panel development which has saved Honcho both time and money. QTM will supply X brands to the panel via API feeds and will also be providing a panel of van insurers once the car insurance proposition is complete. Nigel Chivers, Managing Director at the Pontypool based Quote the market said:
‘We’re delighted to add honcho to our portfolio of customers who typically approach us with business issues and take our product whether API or full white label and report back that Quote the market has delivered in a timely and cost-efficient manner.’
Gavin Seawall, Chief Executive at honcho commented:
‘We’re delighted with the work Nigel and the Quote the Market team has done for us, we’ll be using them again to facilitate the building of our van panel once we’ve finished with car. QTM has given us real value and by delivering us a bigger panel it has allowed us to focus on our main reverse auction delivery. ‘
pH Innovate is a technology-led insurance distribution specialist and Covers the full supply chain (Insurer, Intermediary, Price\Product Comparison).
Its model is to have distinct operating companies with pH Innovate providing finance, technology and sector knowledge to create entrepreneurial businesses. Operating Companies work in well-defined non competing markets but also complement each other making use of shared resources and knowledge-creating additional value. Senior management are usually equity partners and pH Innovate is self-funded by owners.
pH Innovate is based in Pontypool, South Wales