Smart home insurance provider Honey Insurance (Honey) entered the Australian insurance market back in June, and now it has announced a tie-up with RACQ and the SSP Insurance Platform (SSP), a global provider of tech systems and solutions across the general insurance industry.
According to Honey, over 50% of home claims are avoidable, and utilising in-home sensor technology would significantly reduce home claims incidents.
As a result, Honey has launched an innovative home and contents insurance product offering $250 smart home sensors to detect preventable incidents, such as fire, water damage, and theft. For example, the sensors look for leaky water pipes, smoke, and open garage doors.
With the help of SSP, Honey claims it can provide “superior digital experience,” allowing customers to purchase insurance in under three minutes.
Honey explained that the product intelligently identifies and displays property and other insurance details enabling the customer to “verify” rather than “key-in” details, making it simple and smart to obtain cover.
The product is underwritten and supported by RACQ, which utilises SSP’s Insurance software platform in conjunction with its underwriting capacity to support Honey’s requirements.
Bernadette Stone, the chief technology officer at RACQ, commented: “We’re excited to forge this strategic relationship with Honey Insurance, a disruptor in the insurance market. Our partnership with SSP has enabled the flexible and adaptive technology to rapidly go to market and meet this challenge. Through the successful launch of Honey, we’ve demonstrated that we can set the pace in the insurtech arena.”
SSP general manager Paul Miller added: “We’re proud to be providing the insurance platform for such an innovative proposition in the Australian Market. The consistent goal of our platform has been to offer wide product flexibility through no-code configuration to support next-gen go-to-market strategies both rapidly and at a low cost. This insurtech launch is a tremendous demonstration of the power of our concept.
“Honey, RACQ, and SSP’s implementation teams have worked seamlessly and tirelessly together to realise Honey’s vision over the past six months.”
