Seemingly out of nowhere, insurance tech is suddenly hot. Earlier this month, Honey, a home and contents insurance startup that few had heard of, made global headlines raising Australia’s largest ever seed round, coming in at around $15 million. That’s remarkable when you consider that most rounds in Australia are less than $1 million.
What could be seen to be more astonishing is that this happened during a period where the mainstream insurance industry is getting slammed. It is seemingly being plagued by annual fires, an unfortunately slew of once in a decade storms, and a once in a century pandemic, all of these major events are forcing insurers to pay out claims and increase premiums.