Direct Line Group has reached an agreement to acquire InsurTech startup Brolly.
The transaction is conditional and is expected to close during the third quarter. The terms of the acquisition were not disclosed.
The team behind Brolly are expected to join Direct Line, with the aim of helping the group accelerate its transformation to becoming a leading digital player in insurance, by offering products that are personalised, easy to use and available everywhere.
Brolly was founded by Phoebe Hugh, whose vision was to revolutionise insurance by designing products that make buying, managing and claiming an affordable, intuitive and straightforward experience. In August 2019, the firm launched Brolly Contents – a fully-digital contents insurance app for renters and homeowners, offering flexible cover via a monthly subscription.
Hugh said: “We are excited to continue to build beautiful and personalised products to simplify insurance within Direct Line, one of the UK’s most innovative large insurers.”
Kerry Chilvers, marketing director at Direct Line, added: "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 ambitious plans.”
Latest News
-
JPMorgan Chase allows staff to use in-house AI to draft performance reviews
-
Dutch neobank bunq granted broker-dealer licence in US
-
Chancellor announces new ‘Scale-up Unit’ for innovative financial services firms
-
Barclays takes £110m hit from Tricolor collapse and lifts car finance provision
-
Revolut secures MiCA licence
-
JPMorgan AM launches short-term money management tech for hedge funds
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories