Insurtech app Honcho shuts up shop
Motor specialist Honcho has closed for business after three years of trading citing difficulty acquiring customers and the competitive environment as reasons for the closure.
A statement on the firm’s website noted: “After three years of trading and five years in the making we’re unfortunately packing up Honcho’s reverse-auction marketplace and placing it into retirement.
“In truth, we’ve found it difficult to acquire customers in a highly competitive space and the economics mean it’s costing more money to run things that we are making from selling policies.”
The insurtech officially launched the app Honcho in 2019 with the aim of disrupting the car insurance
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