U.S. insurtech startup Honeycomb gains approval to write policies in Wisconsin

U.S. insurtech startup Honeycomb gains approval to write policies in Wisconsin

Published: 14-04-2022 11:49:00 | By: Pie Kamau | hits: 3661 | Tags:

The Wisconsin Office of the Commissioner of Insurance has given insurtech startup Honeycomb approval to write policies statewide. The fast-growing digital insurer has built proprietary technology specifically for multi-family properties of which there are hundreds of thousands of units in Wisconsin and 250,000 in the Milwaukee area alone. These include apartment buildings, condominium complexes, and multi-family homes. This segment of the property insurance market lags woefully behind others in its adoption of digital technology. 

Honeycomb is reinventing landlord insurance with Israeli-engineered technology that eliminates the need for on-site physical inspections to assess risk – utilizing instead satellite imagery, computer vision, artificial intelligence, and machine learning. As a result, the arduous, weeks-long process that has long frustrated landlords and condo associations, and the brokers who serve them, is finally coming to an end. 

Itai Ben-Zaken, Co-founder and CEO, Honeycomb Insurance: "We are excited to have Honeycomb launch in the Badger state. There are hundreds of thousands of multi-family housing units in Wisconsin that can benefit from our technology with real-time bindable quotes and more robust underwriting at a lower cost than previously possible." 

Honeycomb began writing insurance policies in the U.S. in June of 2021. It now operates in six states; IllinoisArizonaMichiganWisconsinOhio, and Pennsylvania – with plans this year to launch in eight more, covering 60% of the country. The company today insures more than $1 billion of real estate assets.

The U.S. multi-family housing market is estimated to be worth $26 billion. Honeycomb is the first insurance provider to offer this segment of the market data-driven applications and advanced algorithms that greatly accelerate the process of purchasing and pricing policies. 

www.honeycombinsurance.com