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Honey seals deal with Bank Australia 

Honey Insurance has agreed a six-year partnership with Bank Australia to provide a digital insurance offer.

The tie-up will give the lender’s customers a choice of Bank Australia-branded home, contents and motor insurance.  

Honey offers home and motor insurance nationally via a digital sales and service platform, using information from third parties to reduce the number of questions asked of potential customers.  

The insurtech, which recently completed a $108 million funding round, also gives customers smart sensors that alert to fire, flood and theft.

Honey CEO Richard Joffe says the partnership is a “natural fit for us both”.  

“We are excited for Bank Australia to be Honey’s first customer-owned bank partnership and to support its leadership in the sector,” he said. 

Honey, underwritten by RACQ Insurance, was launched in June 2021.  

It uses public property information, satellite data and artificial intelligence to estimate rebuild costs. Over the next 18 months, it plans to triple revenue and turn profitable, and to double headcount to more than 200 people. 

Bank Australia has 186,000 customers and says it manages more than $10 billion in assets. Its Deputy CEO John Yardley says access to digital products and services is increasingly important to customers.  

“The partnership with Honey will give our customers access to a leading digital platform to provide a better experience when applying for and managing their insurance needs,” he said.  

Honey also has distribution partnerships with estate agency McGrath, WA homebuilder BGC Housing Group, Bank of Queensland, and investors AGL and Metricon.