The observant amongst you will have noticed that we haven’t launched yet. Fear not, we are a matter of days away, but if you want to learn more about what goes into the final stages of launching a disruptive insurtech startup, and why it takes so long, read on…
None of us in honcho were under any illusions that we were embarking on a straightforward journey. Starting a brand-new business that fundamentally changes how insurance is bought and sold would be hard enough if there were just ourselves in the loop. However, our work towards launch has needed some seriously heavyweight technology work, including the development of our own bespoke marketplace platform with its unique reverse auction engine spanning Azure and AWS as well as integrating with a veritable plethora of third parties. If you imagine how an equity trading exchange works, you wouldn’t be far wrong in its complexity.
This forms the core of the honcho platform, and it in turn requires a stack more tech work including:
- 3 dedicated front end app builds covering Android and iOS natives plus a reactive web variant.
- Integration of the honcho platform to two big insurance industry software houses – CDL and SSP, to several data service providers including the DVLA, and to a range of insurers, brokers and MGAs, (alongside technical discussion ongoing with many more).
For our market participants there has also been a significant amount of work to do. Whilst the majority of insurance providers are used to connecting to old fashioned PCWs, none has ever had the situation that honcho brings them, i.e. handling multiple rounds of pricing and reacting to the insight that each auction round brings them; what we call the ‘market state’. Beyond the technical work our participants are also entering into a new world of pricing logic, working out how they want to react to the new-found intelligence that honcho brings them.
And so on!
The upshot of this is a huge development process, followed by a huge amount of testing! This has taken us longer than we expected, however, at no stage have we been prepared to release anything other than a fully tested and finished honcho into the world.
We’re glad to say that the end is very much in sight. We are now wrestling with one final, stubborn bug before we submit our apps to Apple and Google for app store approval, and move towards launch. Typically, of course, it’s a thorny one, and our CTO is now on first name terms with senior Microsoft Azure engineers in California as they try to work out why a part of their platform isn’t behaving as it should!
So, pending resolving that issue (which, at the time of writing looks close to being completed), our next step is to start to roll our market participants into our production environment. We’ll be doing this over the next week or so, and then we’ll follow that by moving into our first public, live release of honcho. This is our ‘live pre-launch’ phase and allows us to gradually add participants onto the platform in advance of our full marketing launch to follow shortly thereafter.
Stay tuned… the insurance revolution is almost here!