Honey Insurance

What Honey Insurance does

Honey Insurance is an Australian insurtech founded in 2021 and headquartered in Surry Hills, NSW, that underwrites home, contents, and landlord insurance policies bundled with a proprietary smart home prevention program. Policies are issued through RACQ Insurance as underwriter, with claims handling also managed by RACQ, while Honey owns customer relationship, distribution, and the IoT-based loss-prevention layer. The core technology stack comprises Notion-powered multi-function IoT sensors (water leak, smoke alarm, temperature, door/window) connected via a bridge device to a mobile app on iOS and Android, combined with property data from Cotality (formerly CoreLogic RP Data) to enable a 3-minute automated quote experience. Sensor customers receive up to 8% ongoing premium discounts, creating a hardware-anchored retention mechanism and a continuous telemetry stream that supports loss-prevention features such as mould risk detection based on 10-14 day humidity averages.

The company serves Australian homeowners, renters, and landlords through a direct digital channel (website and phone), with product-led growth anchored on the free $250 sensor kit. In March 2026 Honey extended its product surface into pet insurance via a partnership with Zurich Australia, distributed through the Virgin Money brand under BOQ Group. Revenue is generated primarily through recurring monthly or annual insurance premiums, supplemented by partnership/commission economics from the pet insurance distribution arrangement. Honey has raised approximately A$100M+ across seed (2021), a follow-on (2022), and a Series A led by Gallatin Point Capital (2024), with strategic investment from RACQ, AGL, Metricon, Mirvac, PEXA, ABN Group, Apex Capital, Aqualand, SFG, REI, and Saniel Ventures. Operations span Australia-wide including most regional areas, with operational headcount in the 101-250 range.

Name

Honey Insurance

Legal name

Honey Insurance Pty Ltd

Website

https://honeyinsurance.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Australian insurtech founded in 2021 offering home, contents, landlord, and pet insurance, bundled with free IoT sensors that provide ongoing premium discounts and loss-prevention monitoring for retail customers across Australia.

Ownership category

akta.pro rank

Product category

Home Insurance

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242), Security Systems Services (except Locksmiths) (561621)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321)

akta.pro primary industry

Homeowners Insurance (FSAJACAA)

Keywords

• Home insurance products
• Smart home sensors
• Landlord insurance coverage
• Pet insurance Australia
• Contents insurance

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Insurance Premiums: Recurring insurance premiums collected monthly or annually from policyholders. Covers home, contents, and landlord insurance products. Premiums based on location risk, home features, claims history, and chosen excess.
2. Pet Insurance Distribution: New pet insurance product launched March 2026 in partnership with Zurich Australia, distributed through Virgin Money (BOQ Group). Commission or partnership revenue from distribution.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Honey Insurance is an Australian insurtech that sells home, contents, landlord, and pet insurance policies directly to consumers through a digital platform. Every home and contents policy comes with a free $250 smart home sensor kit (water leak, smoke, door/window, and temperature sensors) and rewards customers with up to an 8% ongoing premium discount for keeping sensors active, combining proactive loss prevention with insurance coverage underwritten by RACQ Insurance.

Product overview

Honey Insurance is an Australian insurtech company offering a suite of home insurance products (homeowners, renters, and landlord insurance) built around a smart home prevention model. The core products provide coverage against insured events including storms, floods, fires, theft, and liability. A key differentiator is the Smart Home Program, which bundles IoT smart sensors with home insurance policies to help prevent avoidable accidents, earning policyholders up to 8% premium discounts. The company has recently expanded into pet insurance through a partnership with Zurich Australia. All products are underwritten by RACQ Insurance and distributed digitally.

Differentiator

Problem solved

Functional benefit

Products and services

• Homeowners Insurance Insurance coverage for homeowners protecting primary residences, offering home building cover, contents cover, or combined home and contents policies against insured events including storms, cyclones, floods, fires, theft, and legal liability, with optional accidental damage and motor burnout coverage.
• Renters Insurance Contents insurance for tenants covering furniture, electrical appliances, and personal belongings against insured events such as theft, damage, storms, and accidents, with optional coverage for items taken outside the home.
• Landlord Insurance Insurance for investment properties covering building, contents, or combined policies against insured events, with additional protection for tenant damage, rent default, and loss of rent.
• Pet Insurance Pet insurance product offered in partnership with Zurich Australia, providing comprehensive coverage for accidents, illnesses, and optional routine care including tele-vet service for Australian pet owners, distributed through Virgin Money under BOQ Group.

Quantifiable outcome

• Up to 8% premium discount for maintaining active smart sensors
• +2 more outcomes

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered flagship and core.

• Zurich AustraliaflagshipStrategic or Co-development Partner · 4 March 2026Zurich Australia partnered with Honey Insurance to launch pet insurance product in Australia. Product offers comprehensive coverage for accidents, illnesses, and optional routine care including tele-vet service.
• Virgin Money (BOQ Group)flagshipChannel Partner/ Reseller/ Distributor · 4 March 2026Pet insurance distributed via Virgin Money brand under BOQ Group. New channel partnership for pet insurance products.
• RACQ InsurancecoreTechnology or IntegrationRACQ Insurance is the underwriter for Honey Insurance products. Claims handling and settling services are provided by RACQ Insurance. Honey is backed and underwritten by RACQ, one of Australia's most trusted insurance brands.
• Notion (Comcast Neptune, LCC)coreTechnology or IntegrationSmart home sensor technology provider. Honey Insurance sensors are powered by Notion software services. Customers must agree to Notion Terms of Use to receive Smart Home Program benefits.

Scale indicators2 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Lemonade: US-listed insurtech offering digitally-native, AI-driven renters, homeowners, and pet insurance with a prevention/rewards model. Closest global analogue to Honey — same product-led growth, mobile-first UX, behavioral-rewards hook, and multi-line expansion strategy from home into pet.
• Hippo Insurance: US homeowners insurtech that bundles smart-home sensors and home maintenance services with policies — directly comparable to Honey's Smart Home Program. Same sensor-as-moat thesis and same prevention-oriented value proposition in a more mature US market.
• Budget Direct: Auto & General's Australian direct-to-consumer home/car insurer built on a price-leadership, online-quote model — the closest incumbent analogue to Honey's digital-first GTM in the Australian market. Competes head-to-head on quote convenience and price rather than hardware bundling.
• Kogan Insurance: Australian online retailer Kogan's white-label home, car, and pet insurance distributed through its marketplace — comparable digital-first, low-cost acquisition motion underwriting via Hollard. Competes in the same value-conscious Australian consumer segment.

Broad incumbents

• NRMA Insurance: One of Australia's largest incumbent home and motor insurers (IAG-owned), serving similar homeowners/renters/landlord segments. Direct competitive overlap in Australian home insurance but without Honey's smart-home hardware bundle or digital-first distribution.
• AAMI: Suncorp-owned Australian direct insurer offering home, contents, and landlord insurance with online quoting. Comparable product set and direct-to-consumer model; lacks Honey's sensor differentiation but has materially larger scale and brand awareness.
• Allianz Australia: Global insurer's Australian general insurance arm offering home, contents, landlord and pet insurance across direct, broker, and partner channels. Directly overlaps Honey's product portfolio and is now Honey's pet-insurance underwriter partner via Zurich — a comparable scale incumbent.
• PetSure: Australia's largest pet insurance underwriter/admin, white-labelling for many major brands. Directly relevant to Honey's newly launched pet insurance line — sets the competitive benchmark on claims experience, brand, and product breadth in the Australian pet insurance market.

Emerging players

• Knose: Australian insurtech offering subscription-based pet wellness and insurance plans with a tech-led distribution model. Comparable digital-first, direct-to-consumer insurtech profile to Honey, narrowly focused on pet — relevant for benchmarking Honey's pet-insurance expansion.

Others

• Notion (Comcast Neptune): Honey's underlying smart-home sensor technology partner (Comcast-owned). Adjacent enabler/ecosystem participant — comparable because Notion's capabilities define the ceiling of Honey's sensor-driven claims-prevention claims and its roadmap shapes Honey's product evolution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/honey_insurance
• Facebookfacebook.com/Honey-Insurance-109064897890024

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds3 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Honey Insurance