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Honey agrees cover supply deal with its seed investor Metricon

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Insurtech Honey Insurance has agreed an insurance supply deal with Metricon Homes which it says delivers tech-driven home insurance coverage directly into the digital mortgage and title process.

Honey launched in June, targeting the home and contents market after securing $15.5 million in seed funding from Metricon, as well as underwriting partner RACQ, power firm AGL and other institutional investors.

The Metricon partnership is its second after AGL agreed in August to offer Honey products to customers who are building a new home, or renting.

Honey Founder and CEO Richard Joffe says under the deal with Metricon, the pair will work together to ensure a home needing rebuilding or repair is rebuilt to the original standards – an offer “which we believe is unique.”

“Together we can spearhead a proactive solution that delivers tech-driven home insurance coverage directly into the digital mortgage and title process,” Mr Joffe said.

Honey customers receive a complimentary Smart Home Sensor Kit and are rewarded with 8% off their premiums when the sensors are activated for “being proactive”.

Honey says 29% of Australians have proactively increased their home insurance to cover an increase in their property value after $4.38 billion was issued in loans to fund home improvements in the past 12 months.

“We are proud to now offer Metricon customers a streamlined process to protect their home fuelled by innovative connected technologies to take a preventative rather than a reactive approach to incidents,” Metricon CEO Mario Biasin said.