A new app developed in the region has officially launched aiming to change the way UK drivers buy car insurance.
Durham-based honcho - the first reverse-auction marketplace app in the UK - requires insurers to bid against each other for customers, competing for their custom in real-time.
The honcho app wants to challenge price comparison websites (PCWs), which have come under recent scrutiny for charging insurers expensive commission fees and often preventing insurance providers from offering better prices on their own websites.
The service is also being used by insurance providers who focus on making the cost of driving cheaper for younger drivers, including Marmalade and Think Insurance.
Gavin Sewell, CEO of honcho, said: “It’s been a long time in the making and words can’t describe the level of excitement that can be felt around honcho HQ now that the service is live to the public.