Monzo dives into insurance with London insurtech star at the helm
The founder of digital insurance start-up Brolly, Phoebe Chibuzo Hugh, has joined digital bank Monzo to lead its new insurance business.
Hugh, who has long been tagged as a rising fintech star, said that she wished to help “revolutionise” the insurance industry with the challenger bank.
“The insurance industry has made some progress… but it’s been slow,” she said.
Monzo’s push comes after Revolut, a challenger bank rival, also moved into the business – launching a vertical encompassing travel insurance and refund protection.
The news comes as Monzo, founded in 2015, is reportedly in talks to sell a £300m stake before it pursues a major stock listing.
After gaining a degree in psychology from the University of Manchester, Hugh worked at Aviva for three years as an underwriter and product manager.
She launched insurtech Brolly in 2016 after two rounds of the incubator programme Entrepreneur First.
Hugh was named in Forbes’ “30 Under 30” in 2019, and her firm was named “Insurance Company of the Year” by Morning Wire that same year.
Brolly was acquired by Direct Line in 2020, where Hugh became head of product innovation and later venture CEO.
Hugh said via LinkedIn: “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. Monzo has revolutionised banking, savings, lending, investments, and soon, we’ll bring this to insurance.
“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. There is no better launchpad for the future of insurance than the UK’s favourite challenger bank.”
A Monzo spokesperson told Morning Wire: “We’re delighted to welcome Phoebe as we continue on our ambition to build Monzo into the one app customers turn to to manage their entire financial lives.”