The country’s first reverse auction marketplace for car insurance is planning a full-scale, nationwide launch at the start of next year.
Honcho, which is based in Durham, says it expects turnover to hit £600k in its first 12 months of trading and £12m within 3 years.
It is also anticipating hiring 12 new members of staff when its next round of funding lands.
“2018 has been a huge year for honcho. We’ve moved to our new HQ in Durham, added some fantastic new talent to our team and have engaged with a string of fantastic insurers who are as excited as us about our journey to disrupt the insurance market in favour of consumers,” said CEO Gavin Sewell.
“It is time for a new revolution in insurance that is 100% on the side of the consumer, and we intend to be the company that makes this happen.”
The company is also planning to “revolutionise” the way that young drivers access car insurance, with the launch of “Purple Box”. This is described as a “cutting-edge internal technology that will allow partner insurance companies to dynamically compete in real time.”
“We’re really excited about our Purple Box product. Unsurprisingly the insurance industry is very technology-dependent and so developing systems to make the most of our new reverse-auction marketplace model requires some technical work by insurers,” continued Sewell.
“With Purple Box, we’re making it really simple for them to do this by handling much of the technical work for them. This means that they can integrate with honcho quickly and don’t need to be constrained by their internal IT capacity, which ultimately means that consumers get to benefit from their products sooner.”
