Honey Insurance, an Australian tech company, has secured $108 million in series A funding, making it the third-largest funding round for a tech company in the country. The company has been able to gain market share by using artificial intelligence and smart home sensors to lower premiums. With the funding, Honey Insurance plans to further develop its technology and expand its customer base.
Home insurance disruptor Honey Insurance has landed the third-largest ever series A funding round for an Australian tech company – $108 million – after nabbing market share from less innovative incumbents by using artificial intelligence and smart home sensors to bring down premiums. Honey Insurance chief operating officer Angelo Azar, with CEO and founder Richard Joffe and chairman Peter Tonagh. The company can now plan to spend $108m of funding.
“Honey is sensitive to the affordability of home insurance in Australia, and as a result, is doing numerous things to try and work with customers to reduce risk and claims,” Mr Joffe said. “In addition to the technology, we have no loyalty tax, so pricing is always consistent and fair,” he said. Meanwhile, he said it had a net promoter score of 92, which it claimed as the highest in the country.
“It took me 10 months full time to meet with 305 investors across probably a dozen countries, including almost everyone in Australia. So I’m going to be very happy never to do that again,” he said.
Honey Insurance Series A Funding Australian Tech Company Artificial Intelligence Smart Home Sensors Premiums Market Share Extreme Weather Technology
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