Honeycomb unveils tech to rapidly determine property insurance coverage eligibility

Digital insurer Honeycomb Insurance coverage has launched the Handle Qualification (AQ) program designed for property homeowners, property managers, insurance coverage brokers, and brokers to rapidly determine a property’s eligibility for insurance coverage protection immediately.

The AQ program delivers outcomes to exterior companions inside an hour. It analyses multi-sourced information accrued from a pertinent tackle.

In a press launch, Honeycomb mentioned this system can decide protection eligibility by submitting addresses en masse on the corporate’s web site, whether or not the insurance coverage is concentrated on multifamily or single-family leases, condominium associations, or flats.

Itai Ben-Zaken, co-founder and CEO of Honeycomb, mentioned that homeowners, brokers, and brokers normally fill out “cumbersome paperwork” then submit the data to carriers – a course of that would take weeks for a response.

“The AQ program aggregates data from a number of sources to nimbly qualify the chance,” Ben-Zaken mentioned in a press release. “It’s not solely quicker than conventional strategies, but in addition extra environment friendly.”

The platform makes use of information compiled from public information and a number of first- and third-party sources, in addition to aerial imagery and AI analyses. The know-how evaluates elements reminiscent of roof age, property injury and repairs, value of normal upkeep, climate occasions, and different related location-based data to find out protection eligibility, Honeycomb mentioned.

Jon Repka, vice chairman of gross sales and enterprise operations, mentioned the Chicago-based digital insurer always seems for methods to make danger evaluation “quicker and extra clear.”

The AQ know-how comes as main business gamers like State Farm, Allstate, Farmers and AIG tighten eligibility and withdraw from sure markets.

AQ offers brokers with a capability to “effortlessly” determine a property’s eligibility for property and casualty insurance policies, Honeycomb mentioned.

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