Systems provider SSP says its implementation team worked tirelessly for six months with its RACQ Insurance counterpart to launch insurtech disruptor Honey Insurance in June.

SPP says it was proud to provide the SPP Insurance Platform for Honey’s innovative proposition in the Australian market, aligning with its goal of offering wide product flexibility through no-code configuration to support next-generation market strategies, both rapidly and at low-cost.

“This insurtech launch is a tremendous demonstration of the power of our concept,” SPP Asia Pacific GM Paul Miller said.

Honey Insurance, the brainchild of founder and CEO Richard Joffe, aims to shake up the home and contents market with $15.5 million in financial backing from its underwriting partner RACQ and other institutional investors.

SSP is a global provider of technology systems and solutions across general insurance and says it enables its customers to transform their business and increase profitability. It provides core technology solutions, distribution and trading capability and advanced analytics.

The SPP platform offers online purchasing and provides self-service capabilities for customers to administer and renew their portfolio. It promises processing of higher volumes of new business while leveraging automation to reduce manual back-office administration tasks.

Mr Joffe came up with the idea for Honey after moving in 2019 from the US to Australia, where he says a slow and unsophisticated experience buying insurance transported him back 30 years. Australians “deserve a sweeter deal,” which is why he chose the name Honey.

Honey home insurance customers will receive smart sensors to detect preventable incidents such as fire, water damage and theft by alerting to things like leaky water pipes, smoke and open garage doors. It says more than half of home claims are avoidable.

Honey hopes to achieve $500 million to $1 billion in premiums in five years’ time, or 10% market share. The business is looking to expand from 20 to 100 employees after a year. It currently offers products for homeowners, renters and landlords.

RACQ CTO Bernadette Stone says the partnership with SSP has enabled Honey’s flexible and adaptive technology to rapidly go to market. RACQ utilises SSP’s Insurance software platform in conjunction with its own underwriting capacity to support Honey.

“Through the successful launch of Honey we’ve demonstrated that we can set the pace in the Insurtech arena,” she said.