Phoebe Chibuzo Hugh
Monzo plans insurance push with Brolly founder
“Monzo has revolutionised banking, savings, lending, investments, and soon, we’ll bring this to insurance.”
A recent hire at Monzo has seemingly tipped off that the digital bank is planning a far greater expansion into the insurance market.
Phoebe Chibuzo Hugh, the founder of insurance startup Brolly which was acquired by Direct Line in 2020, posted on LinkedIn that she would be joining the challenger bank for an “ambitious mission” in the insurance space.
“Tomorrow will be the first day of an exciting new chapter. I’ll be joining the visionary team at Monzo Bank to lead their charge into insurance, making it as easy, personalised and delightful as we all deserve it to be,” Hugh wrote.
Currently, Monzo offers phone and travel insurance with its Premium tier subscription at £15 a month, but these are simply off-the-shelf insurance products from Assurant and Zurich respectively.
Hugh’s recruitment suggests Monzo has far greater ambitions, with the executive teasing “Monzo has revolutionised banking, savings, lending, investments, and soon, we’ll bring this to insurance.”
The executive previously launched Brolly in 2016, an insurtech which let users manage existing insurance policies, while also helping them to find better deals and spot inefficiencies like being covered twice for the same thing by existing policies.
When the startup was acquired by Direct Line Hugh first became head of product innovation and later venture CEO.
It’s not yet confirmed what her title at Monzo will be.
“The insurance industry has made some progress, but it’s been slow, and the opportunity is still as clear and compelling as it’s ever been,” Hugh continued.
“I can’t wait to take all my learnings — from starting at Aviva, to building and exiting Brolly, and working with our acquirer Direct Line Group — into this next phase with Monzo. There is no better launchpad for the future of insurance than the UK’s favourite challenger bank.”