SiriusPoint Invests In Honeycomb Company
SiriusPoint has invested in Honeycomb, “a disruptive US ‘people-focused, tech-driven’ multi-family home insurer.”
A spokesperson said, “SiriusPoint Ltd., a global insurer and reinsurer, has invested in Honeycomb, a commercial real estate insurance company that uses technology to help owners of multi-family properties find better coverage at a lower price.
“SiriusPoint will be the US MGA’s lead underwriting capacity provider. This investment and provision of capacity continues SiriusPoint’s drive to invest in and partner with innovative MGAs and insuretech companies.”
Prashanth Gangu, Chief Operating Officer and President of Insurance and Services at SiriusPoint, said, “Honeycomb is an excellent fit for SiriusPoint’s growing partnership portfolio.
“The Honeycomb team are taking a disruptive and entrepreneurial approach to addressing customer needs in multi-family property insurance – entering a ‘no-man’s land’ for the traditional insurance industry. This is a market that is currently underserved. Commercial multi-family properties are places where many people live, work and visit and have specific insurance needs for their owners – it’s seen as too complex a risk by some insurers, or too niche by others – leaving a gap in insurance that needs to be filled.”
The spokesperson said, “Honeycomb, which provides insurance coverage to both apartment building owners and condominium associations, is an all-digital, AI-enabled, end-to-end insurance platform. It allows multi-family property owners to use their mobile phone to conduct a virtual property inspection by taking photos of assigned internal and external features of the property, and receive an immediate, bindable quote.
“With this new round, Honeycomb has to date raised $19 million. The additional funds raised will be used to further deepen its technological moat and expand into multiple additional states in the US.”
Itai Ben-Zaken, Honeycomb’s co-founder and CEO, said, “We are super excited to further enhance our great partnership with SiriusPoint who have been an amazing partner for us throughout our journey and supported us from day one. We appreciate the strong vote of confidence from SiriusPoint, and look forward to continuing to push the boundaries of what’s possible in real estate insurance together.”
Patrick Charles, Head of Americas Property and Casualty [P&C] Insurance at SiriusPoint, said, “It is good news for both the consumer and the insurance company.
“The speed and convenience of the underwriting process is the main hook for customers and the virtual inspection process should significantly reduce underwriting expenses. The collected data also allows Honeycomb to differentiate properties, reward better quality risks with unique discounts, and continuously improve its underwriting engine.”
The spokesperson said, “Honeycomb, which describes itself as “people-focused, tech-driven”, combines the knowledge of industry veterans with artificial intelligence and big data. The company is led by Itai Ben-Zaken [CEO], Dr. Nimrod Sadot [CTO], Adam Cherubini [CRO] and Ben Piening [CUO].”
