Honcho has launched its ‘reverse auction’ app after more than three years in development. The app allows insurers and brokers to bid to provide consumers with car insurance, encouraging them to offer the most competitive premium in order to win business. Providers whose products are covered by Honcho at launch include Axa, Ageas, Aviva, ERS, LV, Covéa, Markerstudy and Sabre. In addition, Honcho counts Marmalade, Flux Direct, and Brightside as some of its participating brokers and MGAs. Tom Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content. To access these options, along with all other subscription benefits, please contact [email protected]. You are currently unable to print this content. Please contact [email protected] to find out more. You are currently unable to copy this content. Please contact [email protected] to find out more.
Insurtech Honcho has launched a reverse auction app for insurers and brokers to bid for the opportunity to provide customers with free insurance . The UK - based start - up , which offers products from AXA , Ageas , Aviva and LV , said it is initially targeting drivers aged between 17 and 24 who pay 149 % more than the national average for their insurance . Honcho signed a deal with the house SSP in 2016 , giving more than 700 insurers and brokers access to its app .