Smarter Insurance with Honey
Tell me about your business.
We are Honey Insurance. We do home and contents insurance, but we do things a bit differently. We do smarter insurance with Honey in how we use smart data, and we also do proactive home insurance where we try to prevent incidents from happening in the first place, instead of you waiting to make a claim when something is wrong.
So why did Honey Insurance come onto the market?
Honey was created because there was very little innovation in the home insurance industry. Everything is very commoditised, people kind of just move around based on price and there is no desire to innovate a reward for customers. If a customer has been loyal to their insurance provider for a longer time, they should be recognised for that. Fundamentally, the relationship between customer and home insurance provider is very different to other businesses. With most other businesses you pay for a product, you hope to use it and get value out of it. Whereas with insurance you hope that you never ever have to use the product. So, we wanted to flip that on its head and try to make products and services that can add value to insurance customers beyond the lifetime of their normal policy and renewing that once a year. That’s why Honey exists.
What is your best-selling product and how does it differ from what’s on the market?
I think what I mentioned speaks to that and the product itself is the insurance policy. So, it is a peace of mind that your home is protected if something goes wrong. That is the product. We also have what’s called a ‘Smart Home Programme’ which is all that added value on top of your insurance policy. Right now, one of the big things is smart home sensors, so when you sign up for a policy you get a kit that comes with three smart home sensors and they can detect things such as, fire, theft, water leaks and water damage. That’s probably the biggest selling thing for us.
Is any of your product or team Australian made?
Yes, all Australian made. Something that providers like – for example – the sensors, there’s a company in the US that we partner with. But aside from that our whole team is in Sydney.
To learn more and protect your home with smarter insurance with Honey explore their Sydney Home Show exhibitor directory here: