Brolly, which was bought for an undisclosed sum, will move all operations and employees to the Direct Line Group.
Insurance provider giant Direct Line Group has acquired insurtech Brolly for an undisclosed sum, as first reported by the Insurance Post.
Brolly was founded by Phoebe Hugh, who was named as one of Forbes’ 30 under 30, back in 2017 following a £1.7m Seed funding round.
The insurtech helps users manage their existing policies, while also helping them to find better deals by scanning a customer’s details to identify and help to eradicate any inefficiencies, such as a user being covered twice for the same thing.
Phoebe Hugh, CEO and founder of Brolly, said: “I’m thrilled to be taking the next step in this journey that will allow myself and my team to scale the technology and products to a much bigger audience.”
“We are excited to continue to build beautiful and personalised products to simplify insurance within Direct Line Group, one of the UK’s most innovative large insurers.”
Brolly’s nine employees are also due to join Direct Line following the completion of the purchase.
Following the news of the deal breaking, Brolly’s website closed immediately with a post from the Brolly team sitting in place of its homepage.
The note detailed the deal that “will see [Brolly] join forces and become part of Direct Line Group,” by “taking the technological edge of Brolly and integrating it with the insurance prowess of Direct Line Group.”
Despite Brolly’s shuttering, insurtech appears to be having its time in the sun.
Back in February, just before we were fully in the throes of coronavirus, German insurtech GetSafe launched in the UK and claimed to be the fastest-growing insurance provider for millennials—perhaps raining on Brolly’s parade.
At the beginning of July, US insurtech made its debut on the New York Stock Exchange having filed for an IPO the month previous.
Immediately after opening, Lemonade was trading at more than double its original estimation of $29 per share and has consistently traded well above the $72 mark since.
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