After a competitive pitch process late last year, the partnership will see Honey offering a tech-led home insurance product to BOQ customers.
Honey provides Australians with unique value by offering smart home sensors to help avoid household accidents that often lead to claims, like fire, theft and water damage. BOQ will be the first bank to launch Honey across the country, further cementing Honey as the leading digital insurance provider in Australia.
Richard Joffe, Founder and CEO of Honey Insurance said, “Honey continues to shake up the home insurance industry. We are thrilled to be partnering with one of the most trusted banks in Australia to set a new standard for banks by making insurance simpler, easier and more digitally enabled for BOQ customers."
“We knew from the first conversation with BOQ that both brands had a shared aspiration to digitally embed insurance into the banking experience for the 400,000 BOQ retail banking customers, and help protect their most valuable assets. We can’t wait for BOQ customers to experience a new way of insurance with Honey,” Mr Joffe said.
The new partnership plays an important role in BOQ’s digital transformation strategy, elevating the insurance offering through innovation and digitisation. Together BOQ and Honey have created a unique and innovative offering, focussed on transforming how customers buy insurance and solving pain points by making the experience seamless. Additionally, the partnership marks BOQ’s ongoing commitment to minimising its impact on the environment, with paper communications to be replaced by a digital rollout in the coming months.
Martine Jager, Group Executive, Retail Banking & CEO ME Bank said she was extremely excited to announce BOQ’s new insurance partner, Honey Insurance.
“As a group of challenger brands, we love partnering with businesses that challenge the status quo. Honey identified that there was a need for an insurance product that provides a different kind of cover for Australian homeowners."
“With Honey’s tech-led preventative solutions for the home, like sensors that help to protect you from avoidable accidents, it is the first of its kind in the Australian market. We’re really proud to be the only bank in Australia offering this to our customers and look forward to working together to make a difference to our customers’ insurance experience,” Ms Jager said.
Honey is smart home insurance on a mission to eliminate the majority of avoidable accidents that happen in the home. Customers receive $250 of technology complimentary, and ongoing services to keep homes safer when they sign up for house and contents insurance. They are then rewarded with a lower price on their insurance for being proactive. Honey raised $15.5m, the largest seed investment in Australian tech history at the time, 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.
Bank of Queensland (BOQ) is one of Australia's leading regional banks. We're also among the few still not owned by one of the big banks. At BOQ, most of our branches are run by local Owner-Managers. This means they're running a small business and understand what it means to deliver personal service. We pride ourselves on building long-term customer relationships that are based on mutual respect and understanding. We have more than 160 branches across Australia and in each and every one of them you'll find us really getting to know our customers and recognising the things they need. It's how we've been doing business since 1874. We've created simple, easy-to-understand banking products to help support our customers' financial needs. We offer a range of these products and services to individuals, as well as businesses.