The collaboration will enable Bank Australia to offer its clients Bank Australia-branded home, contents, and motor insurance.
Honey Insurance operates a digital sales and service platform for home and motor insurance across the country. By leveraging information from third-party sources, the insurtech minimises the number of questions asked of potential customers, streamlining the insurance process.
Recently, the insurtech hit the headlines by securing a funding round of US$108 million. The company provides customers with smart sensors that can detect and alert users to fire, flood, and theft and the partnership is expected to enhance the insurance offerings available to Bank Australia’s customers and improve their overall experience.
According to reports, Honey is backed by RACQ Insurance, and launched in June 2021. The company uses public property data, satellite imagery, and AI to calculate rebuilding costs. In the coming 18 months, the startup aims to triple its revenue, achieve profitability, and expand its workforce to over 200 employees.
The insurtech also has distribution partnerships with estate agency McGrath, WA homebuilder BGC Housing Group, Bank of Queensland, and investors AGL and Metricon.
Meanwhile, Bank Australia serves 186,000 customers and manages over $10 billion in assets. According to Deputy CEO John Yardley, providing access to digital products and services is becoming increasingly crucial for the bank’s customers.
Speaking about the partnership, Honey CEO Richard Joffe said the partnership was a “natural fit for us both”.
“We are excited for Bank Australia to be Honey’s first customer-owned bank partnership and to support its leadership in the sector.”
Joffe added: “The partnership with Honey will give our customers access to a leading digital platform to provide a better experience when applying for and managing their insurance needs.”
