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 . In addition, Honcho counts Marmalade, Flux Direct, and Brightside as some of its participating brokers and MGAs. Honcho signed a deal with the house SSP in 2016 , giving more than 700 insurers and brokers access to its app .
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 .