Aggregator disruptor gears up for launch

Self-styled aggregator disruptor Honcho has gained FCA approval and hired a new chief technology officer as it prepares for an autumn launch.

The Durham-based app and online service, which hopes to have customers ditching comparison websites for its bidding platform, is also looking to expand its team with 15 new hires.

Gavin Sewell, Honcho chief executive, said: “We are thrilled to be entering the next phase in the development of this ground-breaking service. We are working to ensure that our launch is as successful as possible and are excited to be working with the insurance community to offer more competitive financial services quotes to consumers.”

Joining the start-up, which raised £830,000 through crowdfunding last December, is chief technology officer Chad Crossman.

Crossman has previously held roles as chief information officer, IT director and chief technology officer at corporates.

Honcho’s commercial director, Frank Speight, said: “Having Chad come on board as chief technology officer is fantastic for us and given the nature of the Honcho proposition - a pioneering digital platform offering the first reverse auction marketplace in the UK for financial services – his involvement will be absolutely essential. We are delighted to have him involved in the business ahead of the launch.”

Honcho, which acts as a reverse auction marketplace, will begin by offering a platform for motor insurance quotes.

Insurers will pay £1 to bid for a customer’s business up to three times, while quotes will be available for the competition to see.

The company will look to quickly expand into other areas of insurance, followed by utilities and other services, Speight revealed to Insurance Times in April.