A new app developed in the region has officially launched aiming to change the way UK drivers buy car insurance.
Durham-based honcho – the first reverse-auction marketplace app in the UK – requires insurers to bid against each other for customers, competing for their custom in real-time.
The honcho app wants to challenge price comparison websites (PCWs), which have come under recent scrutiny for charging insurers expensive commission fees and often preventing insurance providers from offering better prices on their own websites.
The service is also being used by insurance providers who focus on making the cost of driving cheaper for younger drivers, including Marmalade and Think Insurance.
Gavin Sewell, CEO of honcho, said: “It’s been a long time in the making and words can’t describe the level of excitement that can be felt around honcho HQ now that the service is live to the public.
“honcho is one-of-a-kind and will be revolutionary for drivers of all ages. However, we’re especially keen to see the benefits to young motorists who, for so long, have struggled to acquire fairly priced policies – with many paying 149 per cent more than the average driver.
“We see honcho taking on the role of ‘matchmaker’ between customers and insurers or brokers, initially for car insurance, but with a view to offer the service across a range of other insurance products and markets later this year.
“We’re also very much championing consumers’ interests with absolute clarity and transparency in all that we do. It’s going to be the way forward and price comparison websites are going to feel us hot on their heels.”
honcho charges insurers and brokers £1 to compete for consumers’ custom, hoping to encourage more competitive policy prices for motorists.
Andy Martin, broker and distribution director at Marmalade, added: “It’s a very exciting time for all involved – as soon as we heard of honcho’s proposition, we knew we wanted in.
“This new app has the potential to really shake up the way insurance is delivered and we’re especially excited to be reaching out to more young drivers to help them drive down the cost of insurance with the help of our black box technology.”
To begin, honcho is focusing on the young driver market, and multiple insurance providers including some of the UK’s most recognised brands are now bidding for customers’ business on the platform, including Brightside and Flux Direct.
honcho is now available to download.
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