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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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Risk warning

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Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

honcho has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.