Digital bank Monzo has appointed Phoebe Chibuzo Hugh, the founder of digital insurance firm Brolly, in order to help the challenger bank with entering the insurance services sector.
Hugh reportedly launched insurtech Brolly back in 2016 following a couple rounds of the incubator program Entrepreneur First. The firm was later acquired by Direct Line in 2020, where Hugh had orked as head of product innovation and later venture CEO.
Hugh confirmed the news her role with Monzo via a post on LinkedIn.
“Monzo has revolutionized banking, savings, lending, investments, and soon, we’ll bring this to insurance. Monzo’s mission has always resonated with me: to make money work for everyone — a concept they’ve turned from a lofty ideal into a daily reality. There is no better launchpad for the future of insurance than the UK’s favourite challenger bank.”
The move into insurance is the most recent strategic business decision taken by the banking challenger so that the company can diversify its product offering. This, after the introduction of wealth management services.
In August of this year, it had been revealed that the bank was planning to enter the pensions market. Monzo had been looking to hire a product manager in the investments team to lead the Fintech firm’s retirement offering.
Monzo, which is presently in discussions to secure £300 million, claims over 8 million clients and is set to reach profitability in 2023.
“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. 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. Looking forward to working with Fernando, Guy, Dave, Sujata, TS and many more, on the ambitious mission that lies ahead.”