Honey Insurance has won comparison website Finder’s 2022 Best Insurance Innovation award, while car insurer Koba was crowned Best Insurtech Innovation.

Honey’s home insurance uses technology to reduce claims and lower premiums, and Finder judge and Determined Consumer Founder Chris Zinn praised “the ability to significantly reduce the quote time by a factor of ten”.

“The preventative appeal of the product and its digital disruption to existing models is outstanding,” he said.

“Using AI and other advances to streamline this process will make it easier for consumers to engage in the market and not remain passive with one provider year after year to their undoubted cost.”

Honey was up against finalists Fast Cover Travel Insurance, which offers a "Covid Benefits & Refund Policy," and ahm, which provides "Choosable Extras".

In the insurtech category, Koba was commended for only charging policyholders when they use a car. It beat finalists Flip Insurance – an on-demand health insurance product popular with skiers – and Honey.

“Huge thanks to Finder for the recognition,” Koba said. “Pinching ourselves to be alongside Honey and Flip.”