With many real estate insurers relying on a generalized approach, homeowners and landlords often have to pick up the slack when it comes to complex and serious claims. Plus, insuring properties against rising costs in the US means many insurers simply won't cover a large portion of homes.
Honeycomb Insurance aims to remedy these real estate coverage issues using AI and computer vision to quantify insurance claim costs. It analyzes aerial photographs of building roofs and street-level shots to analyze quality and risk, thus removing the need for expensive physical inspections. This means the company can accurately underwrite risks in a fraction of the time, and deliver a better service to more consumers.
The value of its offerings is reflected in its expansion to 18 states, now covering over 60% of the US population and insuring more than $35B in assets. And substantial funding is fueling its growth into new insurance markets and accelerating its AI-powered technology, as the company continues to scale its impact in the commercial real estate insurance space.
Kirsty
Company Specialist at Welcome to the Jungle