UK leading motor and home insurance company Direct Line Group has announced on Thursday that it will acquire insuretech startup Brolly. The startup offers personalised insurance products for the digital generation and recently won City AM’s “Insurance Company of the Year” award. The acquisition, which is still conditional, is to be finalised during the third quarter of 2020 and the amount of the transaction is yet to be disclosed.
The move by Direct Line Group falls in line with the company’s vision to offer products that can help people carry on with their lives, while also giving them some peace of mind.
London-based startup Brolly was co-founded by Phoebe Hugh in 2016, with the purpose of revolutionising insurance by creating products that make buying, managing and claiming insurance a straightforward, but also affordable and intuitive, experience for the younger generations.
“I started Brolly to reinvent personal insurance, and by listening and adapting to a new generation of customers, we have made great progress so far,” said Hugh, who’s also Brolly’s CEO. Though starting out as an insurance provider for gadgets and small items, Brolly went on to launch a dashboard where customers can collect all of their insurance policies in one place.
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In August 2019, the startup launched a pioneering digital contents insurance app, designed for renters and homeowners, that gave users flexible insurance cover in the form of a simple monthly subscription. Once the terms of the acquisition are finalised, Brolly employees are to join Direct Line Group to help them grow and scale up operations.
“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,” commented Phoebe Hugh.
The founder said to be excited to continue building personalised products that can simplify insurance from within the Direct Line Group. Building on their work and legacy, and relying on an innovative startup team, Direct Line Group now wants to grow and become the leading digital firm working in the insurance sector.
Speaking of the two companies working together, Kerry Chilvers, Marketing Director at Direct Line Group said: “We both want the same thing, which is to give customers value and simplicity. We know that we can learn a lot from Phoebe and her team and we are looking forward to channelling their excitement and significant expertise to help us with our ambition.”
