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Successfully funded
Capital at risk
overfunded
honcho
  • Equity
127%
Raised
£829,370
Investors
681
Target
£650,000
Equity
38.06%
Pre-money valuation
£1,350,000

Aiming to launch in July 2018 with 15+ insurance brands, honcho is a reverse-auction marketplace where insurers enter a competitive real-time bidding process to offer the best price to customers. Insurers pay a £1 fee to bid rather than the average £50 commission charged by comparison sites (PCWs).

  • The team have raised £595k in investment so far
  • Market sizes: Motor £7.8bn, Home £7.3bn, Pet £910m, Travel £600m+
  • A survey showed 89% of customers want an alternative to PCWs
  • Experienced team with multiple business exits in the wider industry

Idea

Are Price Comparison Websites (PCWs) good for insurance consumers?

WE DON’T THINK SO!

- They're not free: they charge an average £50 for each policy sold.

- They only show quotes: no real-time competition.

- They don’t have to present the lowest price and show PAGES of results.

- They're not all independent: some are owned by insurers.

- Regulators agree: they are currently reviewing the sector.

We think there's a better way: honcho - a mobile-first reverse-auction marketplace where insurers bid and re-bid to win a consumer’s business.

How does it work?

- Users enter their details through a simple and convenient app and request bids.

- Insurers decide to bid, then re-bid against each other in an open and transparent auction.

- The user sees the bidding process in real-time and can inspect each bid’s details.

- The purchase of the chosen policy is concluded directly with the insurer.

- We charge a £1 fee to each insurer who bids.

The aim is that the entire process is simple, convenient, transparent, free to the user, cheaper to the insurer, and drives competition.

A survey we conducted concluded that 89% wanted an alternative to PCWs, 72% wanted to see a change in the market, and 64% of millennials said they would use honcho.

PCWs take more than £650m from the £7.8bn motor insurance market each year. We believe our distribution channel will be 5 times cheaper.

Honcho aims to launch July 2018.

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