Honey launches Honey Insurance flipping the insurance industry on its head by providing smart technology to customers to help keep them safe from day one
Launching in Australia today, Honey Insurance is the only smart home and contents company designed for how we live now, giving qualifying customers $250 worth of smart home sensors from day one, helping to keep them safe, prevent avoidable incidents and lower their premiums.
There’s never been a better time for a fresh take on home and contents insurance, with a YouGov survey finding Aussies are fed up with the AU$10 billion insurance industry currently dominated by a small number of traditional players. Key findings of the survey include:
- Help keep us safe - More than half of the country (52%) believe their current home and contents insurer does nothing to proactively keep their homes safe, despite sinking an average of $1,386 of their hard earned cash into them every year. A further three in four (76%) Australians would like insurance companies to be a lot smarter and help them proactively keep their homes safe so that they have to pay less claims.
- Australians love smart technology - 25% of home insurance customers say they would switch to a new insurance company if they could get free home sensors/door cameras to keep them safer.
- Say no to small print - 85% of Aussies look for easy to understand policies with no small print, which takes time to digest and can still leave them confused and out of pocket at the end of a long-winded process.
Honey Insurance is flipping the insurance industry on its head by providing smart technology to customers to help keep them safe from day one.
The $250 of complimentary smart sensors from Notion, a Comcast Company (the US-equivalent of Telstra), help detect avoidable mishaps like fire, water damage, theft or vandalism.
Research by Finity shows that 50% of insurance claims are avoidable — by investing in its customers early and providing smart home sensors, Honey Insurance is helping Aussies reduce risk and stay safer in their homes. Customers are also rewarded with up to 8% off their premium as soon as their sensors are switched on, and for each year they remain on.
A study commissioned by Understand Insurance has revealed that a staggering 80% of Australians are currently underinsured, costing Australians AU$1.5 billion in out of pocket expenses last year. The home insurance industry is broken, with 183k Australians with home insurance having claims rejected over the past year, and 31% of Australians likely to switch to a new insurer on their next renewal.
Honey Insurance utilises satellite data to detect home improvements like a new extension to the house or new swimming pool — and automatically adjusts a customer’s policy to ensure their coverage is always accurate and adequate, saving Australians the pain of having to pay out of their own pocket.
Alongside this, Honey Insurance provides cover designed for how customers live today — from those that have turned their homes into a WFH office, to coverage for friends and family that are simply staying over, and everything in between.
Ease of sign up
Honey Insurance is redefining the insurance process from start to finish, providing added value for homeowners and renters before they’ve even signed on the dotted line. By getting rid of the small print and using smart technology and data, it has whittled the sign-up process down to just five minutes, giving Aussies valuable time back in their day.
With two successful technology-forward businesses under his belt in the US, Founder and CEO Richard Joffe has turned his attention to Australia to provide the only smart home and contents designed for how we live today:
“When I moved to Australia with my family in 2019, I was shocked by the hurdles I had to jump over to apply for something as simple as home and content insurance. It felt like I had travelled back in time by 30 years — the process was slow, full of fineprint, and after all that I was still unsure as to whether I was fully protected.
“Australians deserve smart home and contents designed for how they live today — so why shouldn’t our policies adapt to this new standard too? Whether they’ve turned their home into a new work-from-home office or simply have friends and family stay over for a few days as travel restrictions ease back, Honey Insurance will have Australians covered for this and everything in between.
“We believe insurance should actually protect people from day one, as well as when they need to make a claim. Insurance shouldn’t be a set-and-forget cost — while this might be suitable for things like phone bills, investment into the safety of our home and family should be always-on. At Honey Insurance, we are committed to protecting Aussies from day one and everyday beyond that.
“We look forward to helping Aussies reduce the headache of finding an insurer that protects their home and family properly, so they can get back to the good stuff like learning a new hobby or hanging out with family and friends.”
Honey Insurance is backed by well-known names in the Australian tech industry including Larry Diamond, CEO and Founder of Zip; Jamie McPhee, ex-CEO of ME Bank; Tim Fung, Co-founder & CEO of Airtasker; Anthony Eisen, CEO of Afterpay; Graham Miribito, ex-CEO of Corelogic, among others.
You can find out more about Honey Insurance at www.honeyinsurance.com.
About Honey Insurance
Honey Insurance is Australia’s first smart, technology-driven home and contents insurance to provide smarter protection fit for how Aussies live today. We are on a mission to create a quicker and fairer process for customers from day dot, providing state-of-the-art technology upfront to help prevent avoidable incidents and the guess work that leads to underinsurance and emotional stress.
With Honey Insurance, customers will experience a transparent and fair insurance process that is easy to understand, jargon free and have you signed up in 5 minutes. Honey doesn’t wait for things to go wrong — backed by RACQ, we prioritise prevention to keep your home safer and guarantee peace of mind.
Honey Insurance provides smart protection that rewards you everyday, not just one day.
About Notion, a Comcast Company
Notion, a Comcast Company, works with leading insurance providers and partners to deliver DIY monitoring solutions that empower home and property owners with a simple, smart and effective way to proactively monitor their properties from anywhere. The Notion smart monitoring system – including multifunctional sensors that monitor for water leaks, opening doors and windows, sounding alarms and temperature changes and an app to manage them – is committed to significantly reducing the complexities and risks of property ownership for homeowners and insurance companies.
About Home Insurance Study, YouGov (1 June 2021)
YouGov survey of more than 1,500 Australian respondents over the age of 18.