Honeycomb Insurance introduces new property qualification program for agents and brokers

There was no shortage of fresh ideas and new technologies at this year's Insurtech Insights conference in New York City.  With over 5000 attendees from around the globe and approximately 400 speakers, every aspect of the insurance ecosystem was explored.

Identifying pain points for insurers, agents and brokers, and offering solutions has become the hallmark of the conference. U.S.-based Honeycomb Insurance, which focuses on providing coverage for landlords, condo associations, homeowners associations, and apartment buildings announced a new service at the event as part of their enterprise – address qualification.

The service allows agents and brokers to bulk quote commercial properties like condominiums and helps to identify a variety of risks associated with a property in mere minutes. Their technology synthesizes data from multiple sources and can provide details related to roof damage/repairs, possible problems as well as general maintenance from first-party data, and can scrape third-party data for other details related to the property.

"We want to make it easier for brokers to identify properties, and grow and scale their coverage efficiently," said Roy Feig, vice president of product for Honeycomb.

The company currently only writes for commercial risks related to multi-family properties and occasionally for some mixed-use environments.

The pilot program has successfully moved into the next phase, with a long-term goal of becoming a self-service option to agencies. With the ability to scan for data and receive critical information related to the properties in approximately five minutes, agents can easily identify properties to include in their coverage portfolios.

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