Honey Insurance – Smarter Home Insurance

Purchasing insurance is complicated and time-consuming. Heavy jargon and difficult questions create little confidence for Australians wanting to accurately estimate how much to insure their home for, while data shows that 80% of Australians are currently underinsured. For many, insurance is a grudge purchase, and homeowners and renters alike often don’t see true value in owning a policy. Customers don’t engage their policy or see benefit until there’s a need to claim. Research shows that 50% of insurance claims in Australia are avoidable (non-catastrophe claims) which means many customers go through painful and costly claims experiences unnecessarily.

Honey helps customers avoid preventable accidents (like fire, water damage, and theft) by offering customers complimentary sensors worth $250, and rewarding them with a premium discount for being proactive. The sensors add value daily by sending notifications if issues are detected and reduce the likelihood of making an avoidable claim. Purchasing insurance is fast and easy, with the average time reduced from 30 to about 3min by pre-filling answers using property and satellite data that include: up-to-date property size, number of rooms, construction year, building materials and additional property features. This helps protect against underinsurance and improves quote accuracy.

In 18 months, the design impact of reimagining insurance has enabled Honey to be one of the fastest-growing companies in Australia. Our conversion rate is on average higher than the industry norm, as is our NPS score. Honey’s high level of customer satisfaction is evident in the achievement of a 4.6/5 star rating on Product Review, and 4.9/5 star Google rating. Additionally, the added daily value of smart home sensors keeping customers connected to at-risk areas of their home promotes confidence and has resulted in increased customer retention.

Honey uses conversational, personalised language and a unique tone of voice to engage users and satisfies customer transparency with minimal and as-needed use of industry jargon. To aid understanding and promote confidence, illustrations are thoughtfully used throughout the journey to personalise the experience further and add delight. Honey also invested in a component library and design system from day dot to ensure our digital touchpoints are consistent and high quality.