Realtor McGrath has announced it will invest $6.5 million into Australian insurtech start-up Honey Insurance (Honey).
Since its launch in June 2020, Honey has caught the attention of companies seeking to invest in start-ups, most recently receiving a $3 million investment from AGL, a major energy company that updated its services to enter the insurance market.
Now, McGrath has decided to team up with the start-up in line with its commitment to offering home and contents insurance services to its customers, including homeowners, landlords, and renters.
Read more: Honey Insurance partners with home builder
Commenting on the partnership with Honey, McGrath CEO Eddie Law told ITNews that home insurance is a “$10 billion market in Australia that’s relatively controlled by few,” and the partnership will enable the realtor to “come in and disrupt and be a partner with a disruptor”.
“Honey will give McGrath’s clients access to a unique customer proposition for home, contents, and landlord insurance powered by smart, simple technology,” Law said, as reported by ITNews. “This will simplify the insurance process experience for our clients at competitive pricing.”
The deal with McGrath follows Honey’s announcement of its strategic partnership with another well-known company in the property market: Metricon Homes (Metricon). The partnership aims to offer Australian-first proactive home insurance and a modernised home insurance purchase experience when buying newly built Metricon homes.
