Insurtech startup Honeycomb, a digital insurer that has built proprietary technology specifically for multifamily properties, has been granted approval to write policies in Wisconsin.
There are hundreds of thousands of multifamily units in Wisconsin, with 250,000 in the Milwaukee area alone. These include apartment buildings, condominiums, and multifamily homes. However, this segment of the property insurance market lags behind others in its adoption of digital technology, Honeycomb said.
Honeycomb aims to disrupt the landlord insurance space with technology that eliminates the need for onsite physical inspections to address risk. The technology utilizes satellite imagery, computer vision, artificial intelligence, and machine learning to facilitate the process.
“We are excited to have Honeycomb launch in the Badger State,” said Itai Ben-Zaken (pictured above), co-founder and CEO of Honeycomb. “There are hundreds of thousands of multifamily housing units in Wisconsin that can benefit from our technology with real-time bindable quotes and more robust underwriting at a lower cost than previously possible.”
Honeycomb began writing insurance policies in the US in June. It now operates in six states – Illinois, Arizona, Michigan, Wisconsin, Ohio and Pennsylvania – with plans to launch in eight more this year. Honeycomb currently insures more than $1 billion in real estate assets.