Honeycomb Insurance, a which says its technology eliminates the need for physical property inspections, has won regulator approval to write policies in Virginia.
The company, which began operating in 2021, writes in 15 states, including North Carolina, Pennsyslvania and New Jersey. It will now be able to offer coverage in Virginia for apartment complexes, condominium associations and single-family rental dwellings, the company said in a news release.
The firm, which raised $15 million in funding in early 2022, uses aerial photography, computer vision, artificial intelligence and machine learning to assess risk at properties. That allows for much faster quoting for commercial package policies, all done online, company officials said.
Honeycomb is led by Co-Founder and CEO Itai Ben-Zaken and by Co-Founder and Chief Technology Officer Nimrod Sadot. The company is headquartered in Chicago.
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