Florida Insurtech HoneyQuote Rolls Out Real-Time Rating Engine, Adds Heritage to Platform

HoneyQuote.com has added a new carrier partner and launched its real-time rating engine, which lets Florida homeowners compare multiple home insurance quotes and purchase a policy online.

The application is backed by proprietary technology that allows users to see in real-time as premiums are calculated. The app also includes educational resources to guide users through the process of selecting coverage. Homeowners can then choose the quote that matches their needs and opt to purchase the policy directly online.

The launch of HoneyQuote’s rating engine follows a three-month beta period in 2018, during which the company tested its product and market demand.

HoneyQuote has also teamed up with Florida-based carrier Heritage Property and Casualty Insurance Co.

As part of the partnership, Heritage’s products will now be offered through the HoneyQuote platform, alongside other carriers including Florida Peninsula Insurance Co., Edison Insurance Co., FedNat and Monarch National.

On the HoneyQuote platform, homeowners can start comparing insurance quotes by entering an address for their property. They are then guided through questions about their home and its features, allowing the engine to apply relevant discounts.

A “help section” with educational content is available to assist users as they fill out the form, as well as a live-chat option for those who would like to speak with a HoneyQuote licensed agent.

Homeowners can customize their policies by adjusting the coverage to their preferred levels. It also lets users add extra coverages from a list of over 30 different additional policy options and updates the quote as they go.

HoneyQuote’s rating engine is currently focusing only on homeowners insurance products. It will add renters, condo and landlord insurance products next month.

HoneyQuote was launched last year by Franklyn Taveras and Justin Zemaitis, who are both former employees of Florida-based Universal Property & Casualty Insurance Co. The startup has since added new members to the team.

The company works with three local agencies, and is also an appointed agent with its carriers and selling through its own internal agents. Taveras said when the beta was launched it was building its own management tools and down the line it could consider sharing those with other independent agencies.

“HoneyQuote a prime example of what and independent agency will look like in the future – we are going online where the consumer is,” Taveras said last year.

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