Honey says many partnerships will follow the AGL deal
23 August 2021
According to Richard Joffe, founder and CEO of Honey Insurance, a new distribution agreement with the energy company AGL offers Insurtech “incredible size” and is only the first of many such partnerships.
AGL, which provides services to approximately 28% of Australian households, is investing $ 3 million in Honey and making its products available to customers building or renting out new homes.
“This is just the beginning of many unique and joint offers,” said Joffe. “We couldn’t be happier to have a better coordinated partner with whom we can be the first to enter the market.”
Honey’s offering uses smart home technology, including sensors that can proactively detect preventable incidents like fire, water damage, or even theft, and AGL Executive GM Future Business and Technology John Chambers says it is in line with the desire to be in businesses with Investing technology to make customer lives easier.
“We have seen the success of smart home technology overseas and believe that this is an untapped and growing market here in Australia,” he said.
Honey launched in June targeting the home and content market after hitting $ 15.5 million.
Mr. Joffe, who co-founded two startups in the US, says Australians “deserve a sweeter deal,” which is why he named the Insurtech Honey Insurance.