Honey rolls out offer at McGrath property agencies
14 November 2022
Honey Insurance is now available across the real estate network of ASX-listed McGrath Limited, which has more than 100 offices.
McGrath, an investor in the insurtech, agreed the distribution deal earlier this year which it says will provide its clients with innovative home and contents cover.
The partnership digitally embeds referral of Honey’s insurance products.
“The Honey model is the future of insurance, with quality products available through an easily accessible digital channel,” CEO and MD John McGrath said.
Honey, which won comparison website Finder’s 2022 Best Insurance Innovation award, rewards customers who activate sensor technology with a lower premium. It gives $250 worth of technology and services to help avoid accidents.
Honey Founder and CEO Richard Joffe says the team has worked closely with McGrath management for a year to create fully digitised purchase of home insurance in just a few minutes.
McGrath is investing $6.5 million via a Convertible Note. This will either convert to equity at Honey’s next raising at a discount to market value of Honey, or McGrath can choose to redeem or convert to equity at the note’s end 2023 maturity date.
Honey previously raised $15.5 million and has established distribution partnerships with WA’s largest homebuilder BGC Housing Group and Bank of Queensland, and investors AGL and Metricon.
Other Honey investors include the founders of Afterpay, Airtasker and Zip, former Corelogic CEO Graham Mirabito and former News Corp Australia and Foxtel CEO Peter Tonagh, who is now Honey Chairman. The Honey platform is also available on the app of its investor PEXA.