The Texas Office of the Commissioner of Insurance has given insurtech startup Honeycomb approval to write policies statewide. The digital insurer has built proprietary technology specifically for the estimated hundreds of thousands of multi-family property units in Texas.
Honeycomb began writing insurance policies in the U.S. in June 2021. It now operates in seven states — Texas, Illinois, Arizona, Michigan, Wisconsin, Ohio and Pennsylvania – with plans to launch in seven more this year, covering 60% of the country. The company today insures more than $1 billion of real estate assets.
In January Honeycomb announced it had raised $15.4 million in a Series A funding.
Colorado-based Honeycomb says it leverages proprietary user-generated data, advanced AI, and computer-vision to automate the normally arduous and costly underwriting process.
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