Honcho has become the first ‘reverse auction marketplace’ to gain Biba associate membership, but the firm alleges that software house delays have pushed its launch date back
In preparation for its launch, Honcho has padded out its team: Tom Spence joins from Barclays Bank as chief product officer; and Graeme Stoke takes on the role of chief digital officer, following a stint at Utilitywise.
It has also launched a new website and appointed global marketing agency Social Chain. The start-up will begin by targeting millennials.
Although Honcho has been gearing up to become available to the public, having gained regulatory approval in May, it has had to shelve its September launch date. Honcho attributes the delays to issues with integrating with insurer legacy systems, particularly those using software houses rather than going direct.
The firm has now set a target of Q1 2019, with a beta phase in late Q4 2018.
Honcho commercial director Frank Speight told Post: “In order to accommodate those insurers who wish to connect and integrate via software houses, the technical elements of that are taking slightly longer than anticipated.”
Starting with motor insurance, Honcho will allow insurers to bid for individual customers on its app. They will pay £1 for the chance to win that person’s business.
Post understands that the Durham-based start-up intends to enter into other lines of business, including pet and home and contents. It is understood that it is in talks with 58 insurers and hopes to launch with at least 15 to 20 partners.
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