Fast-Growing Digital Insurer Expands U.S. Footprint with Industry-First Technology for Multi-Family Properties
MILWAUKEE, April 13, 2022 /PRNewswire/ — The Wisconsin Office of the Commissioner of Insurance has given insurtech startup Honeycomb approval to write policies statewide. The fast-growing digital insurer has built proprietary technology specifically for multi-family properties of which there are hundreds of thousands of units in Wisconsin and 250,000 in the Milwaukee area alone. These include apartment buildings, condominium complexes, and multi-family homes. This segment of the property insurance market lags woefully behind others in its adoption of digital technology.
Honeycomb is reinventing landlord insurance with Israeli-engineered technology that eliminates the need for on-site physical inspections to assess risk – utilizing instead satellite imagery, computer vision, artificial intelligence, and machine learning. As a result, the arduous, weeks-long process that has long frustrated landlords and condo associations, and the brokers who serve them, is finally coming to an end.
"We are excited to have Honeycomb launch in the Badger state," said Mr. Ben-Zaken, company co-founder and CEO. "There are hundreds of thousands of multi-family housing units in Wisconsin that can benefit from our technology with real-time bindable quotes and more robust underwriting at a lower cost than previously possible."
Honeycomb began writing insurance policies in the U.S. in June of 2021. It now operates in six states — Illinois, Arizona, Michigan, Wisconsin, Ohio, and Pennsylvania – with plans this year to launch in eight more, covering 60% of the country. The company today insures more than $1 billion of real estate assets.
The U.S. multi-family housing market is estimated to be worth $26 billion. Honeycomb is the first insurance provider to offer this segment of the market data-driven applications and advanced algorithms that greatly accelerate the process of purchasing and pricing policies.
It offers three distinct benefits:
- Streamlining the customer and broker experience;
- Leveraging unique proprietary underwriting technology that accurately "right-prices” every individual risk and surfaces cost savings no other provider can, and
- Offering bespoke insurance coverage that is adaptable to changing client needs.
Honeycomb is a reinsurance-backed MGA providing simple, fair, and affordable multi-family property insurance through its end-to-end digital platform. With offices in Denver, Chicago, San Francisco and Tel Aviv, Honeycomb leverages proprietary user-generated data, advanced AI, and computer-vision to automate the normally arduous and costly underwriting process. Honeycomb significantly improves the customer experience and provides tailored coverage at a competitive price point and at improved profit margins through its real-time rate/quote/bind offering and its data-driven "right-pricing" advantage.
Honeycomb is backed by top institutional investors including IBEX Investors, SiriusPoint Ltd, Phoenix Insurance, New Era Capital Partners, IT-Farm Corporation, Sure Ventures, and Distributed Ventures. For more information on Honeycomb, visit honeycombinsurance.com.