Digital insurance company Honeycomb Insurance has launched Address Qualification (AQ) software designed for property owners, property managers, insurance brokers and agents to quickly and instantly determine a property’s eligibility for insurance coverage.

AQ delivers results to external partners within an hour. It analyzes multi-source data accumulated from a relevant address.

In a press release, Honeycomb said the program can determine coverage eligibility by submitting addresses collectively on the company’s website, whether the insurance focuses on multifamily or single-family rentals, condo associations, or apartments.

Owners, brokers and agents typically fill out “cumbersome paperwork” and then submit the information to carriers — a process that can take weeks to respond, said Itai Ben Zaken, co-founder and CEO of Honeycomb.

“AQ gathers information from multiple sources to quickly assess risk,” Ben Zaken said in a statement. “It’s not only faster than traditional methods, it’s also more efficient.”

The platform uses data compiled from public records and multiple first- and third-party sources, as well as aerial imagery and artificial intelligence analytics. The technology evaluates factors such as roof age, property damage and repairs, general maintenance costs, weather events, and other relevant location-based information to determine coverage eligibility, Honeycomb said.

The Chicago-based digital insurance company is constantly looking for ways to make risk assessment “faster and more transparent,” said John Repka, vice president of sales and commercial operations.

AQ’s technology comes at a time when major industrial companies like State Farm, Allstate, Farmers and AIG are tightening their eligibility and withdrawing from certain markets.

AQ provides agents with the ability to determine a property’s eligibility for property and casualty insurance policies “with ease,” Honeycomb said.

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