Honeycomb Insurance Rolls out Address Qualification “AQ” Program Able to Determine Property Insurance Eligibility Instantly

CHICAGO , ILLINOIS, UNITED STATES, July 23, 2024 /EINPresswire.com/ -- Honeycomb Insurance, a leading digital insurer based in Chicago, with offices nationwide, announces the launch of the Address Qualification program, a.k.a. AQ. The newly minted program identifies a property’s eligibility for insurance coverage instantly --with results delivered to external partners within an hour -- by analyzing multi-sourced data accrued from the pertinent address. (Future versions of the product will deliver instant insights to external partners.)

Whether focused on multifamily or single-family rentals, condominium associations or apartments, property owners, property managers, insurance brokers and agents now have the ability to determine coverage eligibility and more by submitting addresses en masse on the Honeycomb website at https://honeycombinsurance.com.

“Typically, owners, brokers and agents fill out cumbersome paperwork, submit the information to various carriers and then wait for a response, which can take weeks,” says Itai Ben-Zaken, Co-founder & CEO, Honeycomb Insurance. “The AQ program aggregates information from multiple sources to nimbly qualify the risk. It is not only faster than traditional methods, but also more efficient.”

Using data compiled from public records and multiple first- and third-party sources, often in conjunction with aerial imagery and AI analyses, the game-changing technology evaluates such factors as roof age, property damage and repairs, cost of general maintenance, weather events, and other relevant location-based information to forecast eligibility. Brokers, especially, are then able to utilize the data to make educated determinations about which properties to invest time pursuing. Property owners additionally benefit from the highly detailed reports, free of charge.

Adds Honeycomb Vice President of Sales & BizOps Jon Repka, one of the architects of the program, “As an innovation-focused digital insurer, we are constantly on the lookout for ways to make risk assessment both faster and more transparent. We developed AQ as a market defining product enabling agents and property owners to instantly assess the eligibility of their investment within the Honeycomb program.”

With major industry players, such as State Farm, Allstate, Farmers and AIG tightening eligibility and even withdrawing from certain markets, AQ provides agents with the ability to effortlessly identify a property’s eligibility for property and casualty policies.

Honeycomb Insurance is licensed in Arizona, California, Connecticut, Georgia, Illinois, Indiana, Massachusetts, Michigan, North Carolina, New Jersey, Ohio, Pennsylvania, Texas, Utah, Virginia, and Wisconsin, covering approximately 60% of the US population. To date, the Company insures in excess of $21 billion in assets.
# # #

About Honeycomb Insurance
Honeycomb is a deep-tech powered property and casualty insurer covering landlords and condominium associations in the US. By integrating aerial imagery and street-level photography with cutting-edge technologies including computer vision and artificial intelligence, Honeycomb underwrites risks accurately and in real-time, delivering significant value to its customers and agents. Honeycomb insures $21 billion of assets and is growing at a pace of 200-300% year over year.

Linda Alexander
Alexander Marketing Corp.
+1 917-881-5360
linda@alexandermktg.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.