Welcome to our review of 2020, our first full year of trading and a year where - despite the obvious and unforeseen challenges of the year - we continued to make great progress on our journey to transform insurance distribution.
Here’s a roundup of some of our highlights from 2020.
2020 in numbers
This year has seen significant growth across all of our business. Here’s some of what’s happened this year in numbers:
- The doubling of our total volume of users.
- A 400% increase in the average number of insurance providers bidding for a risk.
- A 466% increase in insurance brands on the Honcho platform.
- An 80% reduction in auctions with zero bids (which now happens in less than 3% of auctions).
- A 350% growth in our sales volume.
- A 50% growth in the size of our developer team.
- An increase to 89% in the proportion of our customers buying the “best” as opposed to the “cheapest” insurance.
- We raised a further £1.5m via our super seed capital raise.
- We welcomed another 1,200 crowd investors to the Honcho investor family.
More highlights from the year
2020 saw us busy across all parts of our business, taking our recently launched product at this time last year and continuing on our growth journey:
- In the autumn we launched our van insurance marketplace, and already we’ve got 11 van insurance providers on there bidding to deliver the right van insurance at the best price to our customers.
- We launched our report into the cost of tool theft to the nation’s van drivers, reaching hundreds of thousands of van drivers thanks to our partnership with On The Tools.
- We appointed our new NxChariman, Simon Yun-Farmbrough
- We launched our first major affinity partnership with Personal Group, bringing Honcho to employees of hundreds of companies via their Hapi app.
- Our affiliate partners proposition launched, with over 80 publishers including TopCashback, Driving Test Success and Petrol Prices.com joining our programme.
- We launched our referral programme, giving Honcho users the opportunity to benefit when their friends & family buy insurance via Honcho.
- We joined the Insurtech NY Accelerator and represented New York in the ITC & DIA World Tour Final.
- We were ranked 6th in Top 100 Fintech Disruptors list, coming in way ahead of some of the fintech sector’s biggest names.
- Finally, our CEO Gavin was voted onto the Insurtech UK Governing Council.
Software development self-sufficiency
One of the steps on our journey this year that we’re most proud of is moving all of our technical needs in-house, meaning no further support from external agencies.
Having worked with some great external technical resources to get us to our launch and beyond, this year we’ve been gradually recruiting into our own software development team and as 2020 draws to a close we wave goodbye to the last of our agency support.
From January 2021 onwards, all of our software development - front end web, iOS and Android apps plus mid-tier and back-end platforms - will be exclusively developed and managed in-house, allowing us to be much quicker and more flexible across the board.
That’s all for 2020
This has been a busy and eventful year for us and - thankfully - the overriding events of 2020 haven’t significantly impacted our business. From dining rooms, studies and spare rooms across the north east and beyond we’ve grown our team, further developed our proposition, significantly grown our customer base and built new relationships and Honcho products that you’ll hear more about over the coming months.
We’ve got big plans for 2021 including some really exciting new partnerships that we’ll be announcing soon, bringing Honcho to thousands more drivers across the UK. This will be a theme of 2021 for us, and we’ve got a pipeline of partners in place that we’re immensely proud of - plus many more to join that list. Watch this space!
Finally looking ahead to next year, our work has already started on selecting corporate finance advisors to support our next phase of investment, with many very positive VC discussions already underway too. There’ll be more on our capital raising plans for 2021 in the new year.
Thanks for all of your support this year. Have a great Christmas and New Year.