Honcho partners with Admiral to offer new multi-car product
The UK-based insurtech Honcho is partnering with Admiral to create a new, multi-car cover insurance product.
Demand for such a product is high, says Honcho, as many customers own more than one car - and this has created a need for the new multi-car solution.
Admiral is one of more than 40 insurance providers that operate across Honcho’s car and van insurance marketplaces.
New insurtech solutions
Unlike traditional, single car cover, there is no current technology platform that would enable multi-car reverse auction services, a solution that Honcho is currently working on. But within time, the service will be feasible for a broad spectrum of motor insurance providers across the UK.
Honcho is a disruptive enterprise app that enables drivers to submit their cover requirements, with providers then bidding for their business. Customers scan their drivers licence using their mobile phones, to verify their identity before submitting details regarding the level of cover they require and their car details.
This system provides flexibility for Honcho’s customers, who are able to select their level of cover and policy features before insurance providers bid against each other to provide competitive insurance quotes.
The new multi-car cover will be an additional offering for the company when it is fully developed. Frank Speight, chief commercial officer at Honcho, explained, “For various reasons, historical and technical, a digital journey for a multi-car insurance product is not currently possible within the context of an aggregator platform. It will take some time to develop a solution that is feasible for a broad selection of motor insurance providers across the UK.
He continued, “In the meantime, however, we are keen to ensure that the thousands of users of our platform who have more than one vehicle in the household have the choice of following this path if they wish.
This collaboration creates opportunities for Honcho’s customers to insure two or more cars together within a multi-car policy. Speaking about the new product, Alex Murphy, head of marketing at Admiral, said. “As the market leader in multi-car insurance, Admiral has always been known for innovation and for offering customers the cover that suits their needs.
“We’re excited to launch this partnership with Honcho and are sure that their customers with two or more cars will be delighted to see Admiral multi-car is now available on Honcho.”
Speight “To this end, we are delighted to be partnering with Admiral - an iconic brand in the insurance market [that was] the original pioneer of this type of product and [continues] to be one of the top providers in the UK.”