Honeycomb Insurance

Honeycomb Insurance was founded in 2019 by Itai Ben-Zaken (CEO), Nimrod Sadot (CTO), and a team of insurance and technology experts. The company emerged as part of the “Insurtech 2.0” wave, taking a disciplined, technology-first approach compared to earlier players that scaled too quickly and suffered heavy losses.

Solutions & Market Differentiation

Honeycomb is a transformative digital MGA leveraging deep AI technology and data intelligence to offer tailored property and casualty insurance for landlords and condo associations, ensuring superior coverage and pricing.

Honeycomb’s underwriting platform leverages computer vision, AI, and a rich data ecosystem to evaluate properties at a much finer resolution than legacy carriers. Rather than applying county - or zip-level risk bands, Honeycomb inspects each building (and often each significant component) remotely: roofs, siding, electrical systems, basements, and more. This allows for hyper-differentiated risk selection and pricing, granular enough to approve some risks in challenging geographies that many carriers would reject outright.

Moreover, Honeycomb continually enhances its models with each new submission that generates proprietary data, improving predictive accuracy and reinforcing underwriting discipline over time.
Because of its precision underwriting, Honeycomb is able to offer stable, predictable pricing rather than large, volatile rate jumps. The company aims for modest annual increases (<4% in 2024) rather than dramatic adjustments, which builds long-term trust and a 93% customer retention rate.

By avoiding overexposure, the company seeks to preserve low loss ratios and consistent underwriting profit even through market cycles.

Key Milestones Include:

• 2019-2020: Core underwriting technology and AI-powered computer vision platform developed.
• 2021-2022: Initial market entry with multifamily and landlord coverage in several U.S. states, $15M in Series A funding.
• 2023: 3x growth year-over-year, maintaining loss ratios far below industry averages.
• 2024: 2x growth year-over-year, $36M Series B round led by Zeev Ventures.
• 2025: 2x growth year-over-year, became cash positive, expansion to 20 US states, insuring more than $55B in assets. Opened a new headquarters in Chicago, with 7 additional offices across the US and Tel Aviv.

Founders

Itai Ben-Zaken is the Co-founder and CEO of Honeycomb. Prior to Honeycomb, Itai was the Co-founder and CEO of Comprendi, an award-winning AI-powered marketing startup. Earlier in his career, Itai managed the Digital Insurance business unit at NASDAQ: QNST, which included Insurance.com and CarInsurance.com. Itai holds a B.Sc. in Computer Engineering from the Hebrew University of Jerusalem and an MBA from the Wharton School of the University of Pennsylvania.

Nimrod Sadot is the Co-founder and CTO of Honeycomb. Prior to Honeycomb, Nimrod co-founded and served as CTO of HotelRatePro, a top-tier hotel rate tracking application that was later acquired by an American company. Earlier in his career, he held prominent software roles at leading companies such as Intel and Applied Materials. Nimrod earned a B.Sc. in Computer Engineering and physics from the Hebrew University of Jerusalem and a Ph.D. from Stanford University.

Builder’s Mindset

Honeycomb’s culture is rooted in a builder’s mindset and a team-first approach. The company combines insurance expertise with deep technology capabilities, working in an environment that emphasizes collaboration, accountability, and practical problem solving. The pace is fast and focused, with teams encouraged to take ownership and move quickly to deliver solutions.
At the same time, Honeycomb places importance on discipline and consistency. The company balances the demands of rapid growth with underwriting stability, creating an environment where autonomy is paired with clear expectations. The atmosphere reflects the dual character of a scaling startup and an insurance carrier - dynamic, innovative, and grounded in long-term responsibility.

Funding & Growth

Honeycomb Insurance raised a $36M Series B led by Zeev Ventures (early in Next Insurance, Tipalti, Navan, and many other unicorns), joined by Arkin Holdings and Launchbay Capital, alongside existing investors Ibex, Phoenix Insurance, and IT-Farm, bringing total funding to $55M. Funds are being used to expand market coverage and enhance its technology platform.