Broker-owned online reverse auction app to launch in the car insurance sector in Autumn 2018 after being authorised by the FCA.

Online reverse auction marketplace Honcho has stated it is set to disrupt the car insurance sector when it launches in Autumn 2018.

The mobile app, which claimed it is the first of its kind for financial services, has said it will disrupt price comparison websites by allowing car insurers to bid from business from consumers.

The firm added that it has recently been authorised by the Financial Conduct Authority (FCA) and has secured £830,000 of investment following a CrowdCube campaign.

Broker
Honcho is a product of Honcho Markets, which is authorised and regulated as an insurance broker by the FCA.

According to honcho the aim of the app is to save consumers time and money and “revolutionise the way people buy products and services”.

It explained that a reverse auction is where the consumer receives bids and becomes the focus of the auction, with companies competing against each other to win their custom.

The company noted that the mobile app would eventually look to expand into other personal finance products.

It added that it had recently strengthened its senior management team by appointing Chad Crossman as chief technical officer, and noted it was looking to expand its team by up to 15 staff.

Launch
Commercial director Frank Speight said: “Having FCA authorisation in place is absolutely essential ahead of the launch later this year, and will provide key partners and consumers with the assurance that they are working with a professional and credible organisation.”

Commenting on the expansion, Gavin Sewell, CEO, added: “We are working to ensure that our launch is as successful as possible and are excited to be working with the insurance community to offer more competitive financial services quotes to consumers.

“This is a fantastic time for new employees to join the company, as they will benefit from being able to launch something totally unique that will change the way consumers shop for financial services, forever, and put power, control and transparency back into their hands.”

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