Australia’s smart home insurance pioneer, Honey Insurance, has announced its latest partnership in the mortgage broking sector, this time with financial aggregator Specialist Finance Group (SFG).
Honey has partnered with one of the most established leading aggregators in Australia to support home buyers settle their new homes faster, and start proactively protecting their homes from settlement.
In the transitioning housing market, there is an increasing focus from lenders to offer differentiation through customer-centric operational efficiency. With Honey’s digital approach to home insurance, SFG is given the tools to drive the mortgage broking industry’s future - by settling customer contracts with insurtech innovation designed for today’s home buyer.
Currently in Australia, 70% of all home purchases are being facilitated through a broker, and with lenders requiring home insurance to progress applications, a high proportion of home loan settlements are delayed due to the certificate of insurance not being in place. Additionally, depending on how long the settlement is delayed, the total penalty interest and additional fees from the vendor could become costly.
Honey and SFG solve these issues by integrating seamlessly within the broker’s mortgage procedure. By embedding the insurance application in the mortgage processing platform, SFG can offer a holistic and enriching digital experience, as customers have an easier, time-saving and competitive way to get proactive protection for their new home. By digitising the home insurance purchase, it allows customers one less thing to consider in the overwhelm of purchasing a home.
Eoghan Trehy, VP of Partnerships at Honey Insurance said, “Honey’s mission is to provide a smarter, easier way for Australians to get covered for home insurance. One of the things that excites us most about the Honey and SFG partnership is being able to extend this to the SFG broker network, who in turn will be able to provide additional value to their customers. We’re providing a simple & streamlined process for brokers to ensure their clients loans settle without delay, something we know has been a pain point in the past and with Honey’s pricing agnostic approach the broker can offer the same price to their customers as they would get online which solidifies the value of this partnership”.
Blake Buchanan, General Manager from SFG said, “SFG is thrilled to increase the opportunities available to our brokers that help consumers. Insurance is a crucial part of a consumer's journey when seeking finance solutions and this partnership brings efficiencies and products that we have not seen in this space before. SFG is proud to partner with Honey with a digital process that is embedded in our SFGconnect technology that makes the referral process simple with results available within minutes.”
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.
About Specialist Finance Group
Specialist Finance Group is a family owned business that has been serving the broking community for more than 30 years. With a customer centric model, SFG provides its members with the best possible systems, services and support to assist them to grow and to improve their business. SFG’s unique model has seen rapid expansion in recent years that has consistently delivered results well above system.