Home insurance disruptor Honey Insurance has landed the third-largest ever series A funding round for an Australian tech company – $108 million – after nabbing market share from less innovative incumbents by using artificial intelligence and smart home sensors to bring down premiums.
Co-founder and chief executive Richard Joffe acknowledged the challenges posed by increasing catastrophes such as bushfires and floods to the sector, which posted combined losses of $650 million on home insurance policies over the past four years.
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Paul Smith edits the technology coverage and has been a leading writer on the sector for 20 years. He covers big tech, business use of tech, the fast-growing Australian tech industry and start-ups, telecommunications and national innovation policy. Connect with Paul on Twitter. Email Paul at psmith@afr.com
