Don’t believe anyone who suggests that to run an exciting, innovative fintech business you need to be in London. This is clearly not the case! Basing ourselves in the north east, and in particular in beautiful city of Durham, is one of the best decisions we’ve made as a business. The region’s fintech community is growing rapidly, there’s a fantastic, supportive network of peers and mentors to help grow your business, and we have some of the best universities in the country generating some outstanding talent… all without a packed tube train in sight, or any of the dog-eat-dog attitude. We would not hesitate to recommend setting up shop in the north east to any fintech business.
Honcho is on a mission to transform the UK insurance distribution market. By taking the successful dynamics of financial trading exchanges the world-over and applying those to the insurance sector, Honcho are redefining how consumers can search for and purchase insurance whilst at the same time giving insurance providers a revolutionary way to precisely target propositions to their own narrowly-defined markets.
Honcho operate the world’s first reverse auction marketplace for financial services. Disenchanted with staid and outdated price comparison websites, Honcho’s electronic marketplace brings transparency, fairness and innovation to aggregation, removing old-fashioned commission as the commercial model of prominence towards a ‘pay to play’ commercial concept, where the insurance provider pays just £1 to be able to bid to win a consumer’s business.
Like any other commodity marketplace, our market participants (insurance providers) are able to see what each other is prepared to offer the customer to win their business, allowing them to repeatedly reduce their prices over multiple real-time bidding rounds in an effort to win.
By taking tried and tested marketplace dynamics from other industries and applying them to the insurance sector, Honcho’s digital innovation has been able to create a more cost-effective business model that allows Honcho to be more competitive than the traditional, large aggregators.
Our unique service operates like a financial market, bringing sellers (insurance providers) together and giving them the opportunity to fight it out against each other in real time to win a buyer’s (consumer’s) business.
Honcho addresses the lack of transparency, consumer-centricity and value for money in insurance distribution such that consumers can be presented the best product to meet their needs at the right price. The dynamics of a competitive marketplace allow for the optimisation of product and price in the best interests of the consumer.