InsurTech app Honcho embarks on final testing phase

UK-based InsurTech Honcho has set its sights on an early 2019 launch as it unveils its VIP early access programme.

The company has completed the development of its insurance marketplace app and has moved on to its final testing phase.

After initially planning to conduct the alpha testing through its crowdfunding investors, Honcho has decided to open the testing to a selection of the public.

Honcho’s price comparison website for motor insurance aims to reduce prices through its ‘reverse auction’ marketplace. The system works by insurance companies bidding for business with consumers, to ensure quotes are competitive.

Honcho chief digital officer Graeme Stoker said “As we prepare for launch it is great to be approached by early adopters who want to be first to use honcho.

“For us, this allows a greater amount of testing and trialling of both our pre-live and then live services, and for consumers, it allows privileged access to one of the most exciting changes in years to the way that insurance is bought.

“In order to be able to give all of our early customers a great experience and manage the large volume of early demand, we need to phase and prioritise access during our early stages, and to allow us to do this we’ve created the honcho VIP early access programme.”

In May Honcho announced it is raising its latest round of funding after securing authorisation from the financial regulator.

Earlier in the year, the company raised £830,000 in crowdfunding on CrowdCube, surpassing its initial target of £650,000. Private equity firm Maven Capital Partners contributed £150,000 to the funding round.

Following the funding, the company moved to new offices in Durham and boosted its senior team with the appointment of Chad Crossman as CTO.

Copyright © 2018 FinTech Global

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