Honeycomb unveils tech to quickly identify property insurance eligibility
Honeycomb unveils tech to quickly identify property insurance eligibility | Insurance Business America
Risk Management News
Honeycomb unveils tech to quickly identify property insurance eligibility
Program delivers results to external partners within an hour
Risk Management News
By
Halee Andrea Alcaraz
Digital insurer Honeycomb Insurance has launched the Address Qualification (AQ) program designed for property owners, property managers, insurance brokers, and agents to quickly identify a property’s eligibility for insurance coverage instantly.
The AQ program delivers results to external partners within an hour. It analyses multi-sourced data accrued from a pertinent address.
In a press release, Honeycomb said the program can determine coverage eligibility by submitting addresses en masse on the company’s website, whether the insurance is focused on multifamily or single-family rentals, condominium associations, or apartments.
Itai Ben-Zaken, co-founder and CEO of Honeycomb, said that owners, brokers, and agents usually fill out “cumbersome paperwork” then submit the information to carriers – a process that could take weeks for a response.
“The AQ program aggregates information from multiple sources to nimbly qualify the risk,” Ben-Zaken said in a statement. “It is not only faster than traditional methods, but also more efficient.”
The platform uses data compiled from public records and multiple first- and third-party sources, as well as aerial imagery and AI analyses. The technology evaluates factors such as roof age, property damage and repairs, cost of general maintenance, weather events, and other relevant location-based information to determine coverage eligibility, Honeycomb said.
Jon Repka, vice president of sales and business operations, said the Chicago-based digital insurer constantly looks for ways to make risk assessment “faster and more transparent.”
The AQ technology comes as major industry players like State Farm, Allstate, Farmers and AIG tighten eligibility and withdraw from certain markets.
AQ provides agents with an ability to “effortlessly” identify a property’s eligibility for property and casualty policies, Honeycomb said.
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