NEW YORK – JUNE 22, 2021 – NFP Ventures, the early-stage investment arm of NFP, today announced an investment in Honeycomb Insurance (formerly Agilius), a commercial real estate insurance managing general agent (MGA). Honeycomb offers a digital insurance platform that brings innovation to how multi-family property insurance is underwritten, purchased and managed. In addition to the NFP Ventures investment, NFP has signed a distribution agreement with Honeycomb to offer the innovative MGA product to its small- to medium-size (SME) commercial real estate clients.
Honeycomb’s platform enhances the insurance purchasing process and makes it easier for brokers to engage with clients throughout the life of the policy. Honeycomb utilizes its technology to accelerate the underwriting process by streamlining much of the data collection required to offer the most competitive insurance products. Through its partnership with Honeycomb, NFP brokers have the ability to leverage the Honeycomb platform while procuring coverage for clients, saving time and resources previously spent on manually collecting data, completing paper forms and waiting for in person inspections.
“It’s exciting to partner with Honeycomb to elevate the client experience with efficiency and transparency,” said Adam Blumencranz, vice president, NFP Ventures. “Their understanding of the pain points in this market are apparent given their data-driven approach to underwriting, including a DIY remote inspection, enabling rate-quote-bind in minutes. Honeycomb’s functionality also recognizes the value brokers bring through service and expertise by supporting more productive and consistent broker-client interactions. We’re looking forward to growing the business with the Honeycomb team and delivering even more value to clients.”
“NFP is an ideal partner because they share our passion for solving problems, have deep market expertise that informs solutions, and maintain client relationships that allow us to see the impact of what we’ve built,” said Itai Ben-Zaken, co-founder and CEO of Honeycomb. “We’re focused on efficiency, quality and enhancing the experience for customers as well as the brokers who serve them.”
About NFP Ventures
NFP Venture, LLC (NFP Ventures) is a venture fund launched by NFP that focuses on strategic partnerships and investments in the emerging Insurtech, Fintech and Digital Health arenas. NFP Ventures' mission is to find, fund and work successfully with visionary executives, providing them with expertise to foster long-term success. Typically, NFP Ventures targets companies seeking Seed to Series B investment that can benefit from NFP's distribution, human capital and other unique assets to accelerate their growth.
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 6,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 5th best place to work in insurance and 6th largest US-based privately owned broker (Business Insurance); 9th commercial lines agency by P&C commercial lines revenue and 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best’s Review).
Visit NFP.com to discover how NFP empowers clients to meet their goals.
Honeycomb is a reinsurance-backed MGA providing simple, fair, and affordable multi-family property insurance through its end-to-end digital platform. Honeycomb leverages user-generated proprietary data, advanced AI and computer-vision to automate a manual, inaccurate and costly underwriting process. Honeycomb significantly improves the customer experience and provides tailored coverage at a competitive price point and at improved profit margins through its real-time rate/quote/bind offering and its data-driven “right-pricing” advantage. Honeycomb is funded by top institutional and private investors including Phoenix Insurance, New Era Capital Partners, IT-Farm Corporation, and NFP Ventures. For more information on Honeycomb, visit honeycombinsurance.com.