For My Startup this week, we’re looking at honcho, who are hoping their reverse auction marketplace will change how people buy insurance.
Durham-based honcho hasn’t even launched yet, but its reverse-auction solution is hotly anticipated by consumers. Instead of making people go out looking for the best deal for themselves, the honcho platform means insurers have to bid for your business.
Prices go down instead of up, and customers are given greater power over what they get from providers. Their in-app “honchometer” compares how close each offer is to the option you wanted, and you can watch as providers compete to offer the lowest price.
Founder: Gavin Sewell
Founded: 2016, launching later in 2019
Website: gethoncho.com
