Bank Australia has announced a new partnership with Honey Insurance, marking a significant step towards enhancing its digital offerings and broadening its insurance product range.
This collaboration, set for a duration of six years, will provide Bank Australia customers with the option to choose home, contents, and motor insurance policies directly branded under Bank Australia, facilitated by Honey's digital platform.
The integration of Honey's technology aims to streamline the insurance process, allowing for a smoother customer experience in managing insurance needs.
John Yardley, deputy CEO of Bank Australia, said that customer interests remain a focal point in their operational strategy. He expressed confidence that this partnership will effectively address the increasing consumer demand for digital services.
“We know access to digital products and services is becoming increasingly important to our customers. The partnership with Honey will give our customers access to a leading digital platform to provide a better experience when applying for and managing their insurance needs,” he said. “Honey is focused on reducing the cost of insurance and making homes safer and this is an area of focus we share. We look forward to working together and providing a smooth transition for our customers.”
Honey, which operates under the umbrella of RACQ Group and recently raised $108 million during its Series A funding round, delivers its services on a national scale. It is recognised for its digital-first approach that simplifies the insurance application process by leveraging data from external sources and reducing the number of customer interactions required.
Additionally, Honey's platform includes features like smart sensors that help in the early detection of fire, flood, and theft, thereby mitigating potential risks.
Honey CEO Richard Joffe expressed enthusiasm about this partnership, which is the first of its kind with a customer-owned bank like Bank Australia.
“We are delighted to be partnering with Bank Australia to offer their customers the benefits of our award-winning digital experience and smart home program,” Joffe said. “Bank Australia's values of putting the customers at the centre of all they do and commitment to fairness and positive impact are strongly aligned with Honey's, so this strategic relationship was a natural fit for us both. We are excited for Bank Australia to be Honey's first customer-owned bank partnership and to support their leadership in the sector.”
