NSI Insurance Group has acquired a majority stake in insurtech start-up HoneyQuote.com to help them expand operations, launch new product lines and facilitate larger distribution partnerships.
HoneyQuote is a home insurance comparison tool that allows homeowners to compare quotes and policies from insurance providers in real-time through its machine learning algorithm.
Sean D’Sa, co-founder and chief technology officer at HoneyQuote, said joining NSI allows HoneyQuote to deliver this experience to customers across new geographies, products and partnerships.
Since its establishment in 2019, HoneyQuote has insured over $1 billion in property value and partnered with 30 of the top insurance carriers in Florida. Now, the start-up is looking to expand its insurance product offerings to include condominium owners, renters, personal umbrella, pet and auto insurance.
“We could not be more thrilled about the acquisition,” Franklyn Taveras, co-founder at HoneyQuote, said. “Partnering with such an established player in the market with similar entrepreneurial roots poises HoneyQuote to grow exponentially.”
Through this partnership, Oscar Seikaly, chief executive officer of HoneyQuote, said he hopes the insurtech can become the future of insurance shopping.
“This acquisition brings our traditionally mature homeowners’ insurance business to the digital age – allowing NSI to be technology-enabled and human-optimized,” Seikaly said.