Monzo hires Brolly founder Phoebe Chibuzo Hugh to lead its “charge into insurance”
UK challenger bank Monzo has hired Phoebe Chibuzo Hugh, founder and former CEO of digital insurance start-up Brolly, to lead its push into the insurance industry.
Monzo hires Phoebe Chibuzo Hugh. Image source: LinkedIn.
Announcing the move on LinkedIn, Hugh says she aims to help Monzo “revolutionise” insurance, adding that despite the insurance industry making “some progress”, “it’s been slow, and the opportunity is still as clear and compelling as it’s ever been”.
Hugh’s professional experience in the insurance industry began at Aviva, where she served as an underwriter and product and proposition manager for three years.
In 2016, she launched Brolly, a full-stack digital insurance platform developed through the incubator programme Entrepreneur First, and served as CEO until Direct Line Group, a UK-based firm specialising in motor and home insurance, acquired the start-up in 2020.
With this, Hugh transitioned into the role of head of product innovation for the group, before taking the role of venture CEO until last month.
Hugh says she plans to lead Monzo’s “charge into insurance”, but precisely what this charge will entail has yet to be seen. While Monzo does currently dabble in the realms of insurance, most notably through its short-term phone and travel insurance offerings, like many of its contenders, it still has yet to seize a sizable chuck of the market.
The appointment comes just weeks after reports suggested Monzo is looking to raise £300 million in fresh funds through a share sale at a value of £3.5 billion – which would make it the highest valued digital bank in the UK – ahead of a potential stock listing.
