Honey Insurance is celebrating its second award in two weeks, having been recognised in the 2022 Finder Innovation Awards.
Through its commitment to tech-led innovations helping to lower its customers’ insurance bills, Honey is proud to have been awarded for Best Insurance Innovation for its home insurance product.
The Finder Innovation Awards celebrate Australian businesses that have developed innovative products, services or solutions to customers’ problems. For its 2022 Innovation Awards, Finder’s internal and expert judges analysed more than 100 entries across 21 categories.
Finders’ insurance editor, James Martin explained the reasons for Honey’s win saying, “The best insurance company is one you never have to make a claim with – and Honey is helping customers make fewer claims while lowering premiums at the same time.”
He went on to say the judges were impressed with the preventative appeal of the Honey’s home insurance and its digital disruption to existing models. For example, Honey’s use of smart sensors is helping to reduce household loss and damages.
“With insurance affordability issues on the rise, anything that reduces claims and therefore premiums is worth its weight in gold,” Martin said.
“And by using third-party data to gather key property information, Honey removes a lot of the hassle from the application process. By cutting quote times, it’s easier for people to engage with the market. This means there’s less risk they will be passive and stay with the same provider year after year (to their undoubted cost).”
Martin also commended Honey for cultivating a community of customers “who actually like it”. Currently 92% of Honey’s customers give it a 5/5 satisfaction rating.
The Honey team was also a finalist for Best Insurtech Innovation. It was the only insurer to be shortlisted in 2 categories this year.
Honey is smart home insurance, and we are on a mission to eliminate the majority of avoidable accidents that happen in the home. We give our customers $250 of technology upfront, and ongoing services to keep homes safer when they sign up for house and contents insurance. We then reward them with a lower price on their insurance for being safer. We raised $15.5m, the largest seed investment in Australian history, from industry leaders such as AGL, Metricon, Mirvac, PEXA, and many others. Honey is underwritten by RACQ, one of the most trusted insurance companies in Australia.