NSI Insurance Group, an American home insurance agency, has acquired a majority stake in Florida-based digital insurance agency HoneyQuote for an undisclosed price.

According to HoneyQuote, the transaction will allow it to grow its operations across the US, introduce new product lines, and drive larger distribution partnerships.

The machine learning algorithm of HoneyQuote matches users in real-time with property insurance carriers. The company’s search engine lets consumers shop and buy homeowners’ insurance online.

Following its launch in 2019, HoneyQuote is said to have partnered with 30 of the leading insurance carriers in Florida and has insured more than $1 billion in property value.

The InsurTech startup seeks to expand nationally with more insurance products being developed, which include renters, condominium-owners, pet, personal umbrella, and auto insurance.

Franklyn Taveras — HoneyQuote co-founder said: “We could not be more thrilled about the acquisition.

“Partnering with such an established player in the market with similar entrepreneurial roots poises HoneyQuote to grow exponentially.”

Through the transaction, NSI Insurance Group forays into the InsurTech segment.

Oscar Seikaly — NSI Insurance Group CEO said: “HoneyQuote is the future of insurance shopping. This acquisition brings our traditionally mature homeowners’ insurance business to the digital age — allowing NSI to be technology enabled and human optimized.”

  digital insurance, Florida, Franklyn Taveras, home insurance, HoneyQuote, Insurance industry news, insurtech, machine learning, NSI Insurance Group, Oscar Seikaly