Honcho, the Durham-based insurtech disruptor, has announced a major new partnership with SilverBullet, one of the UK’s leading providers of digital solutions for the automotive trade.
SIlverBullet create and manage online storefronts and provide industry leading e-commerce support for many of the UK’s leading motor groups including Peter Vardy, Ancaster, Pulman, Budgen, Stoneacre, Richard Hardie, Stephen James and L&L Mercedes, with their digital car buying journey used by dozens of motor dealerships across the UK.
By using the SilverBullet platform motor dealers can effectively manage their stock and handle the full new and used car sales journey including the management of finance applications and the end-to-end sales, purchase and delivery processes. Not only does this help to enhance margin but it creates a huge cost of sale saving over the traditional dealership environment. For car buyers, the seamless digital journey includes comprehensive vehicle search, handling trade-ins, finance and value add products and choosing where and when they would like their new car delivered.
As Honcho’s first major partnership within the motor trade, car buyers using the SilverBullet-powered platform are now able to sort out their car insurance needs as part of their online journey thanks to dedicated routes from within each dealer group’s SilverBullet-powered online sales process into Honcho’s innovative motor insurance reverse auction marketplace.
Commenting on the partnership, Honcho co-founder and chief commercial officer Frank Speight said:
“Honcho is very excited to be partnering with SilverBullet to launch this pioneering initiative to enhance the consumer experience by reducing friction and adding insurance ‘to their basket’. Connecting our respective platforms to provide car dealers with full insurance functionality, and the opportunity to broaden their proposition and earn incremental revenues, is a win-win for all parties.”
Cameron Wade, managing director of SilverBullet, added:
“I am delighted to announce this exciting partnership with Honcho Markets. The businesses align incredibly well due to their forward-thinking perspective on technology and how it can enable the consumer journey. I look forward to developing this partnership with all the team at Honcho.”
Since their launch in summer 2019 Honcho’s unique way of helping car and van drivers to choose the insurance that matches their needs has presented a much-needed antidote to the price-obsessed world of outdated price comparison sites. With significant focus from the FCA on the value that aggregators bring to consumers, Honcho’s ability to demonstrate and deliver fair value whilst helping drivers to get the right insurance is gaining significant momentum, with 89% of their customers (January – April 2021) choosing to buy insurance that best meets their stated needs, rather than just the cheapest.