Monzo makes a push into the insurance market with the latest hiring
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Challenger bank Monzo recently made a move that is expected to go a long way in helping it enter the insurance market. The bank hired Phoebe Chibuzo Hugh, the founder of a digital insurance startup called Brolly.
Hugh praises Monzo for ‘making money work for everyone’
Hugh launched Brolly seven years ago, in 2016. The insurtech firm emerged after two rounds of participation at the incubation program Entrepreneur First, only to be acquired by Direct Line four years later, in 2020.
With that, Hugh became the head of product innovation and, after a while, the CEO of the venture. Now, she moved on to join Monzo, announcing the decision on LinkedIn.
In her update, Hugh stated that Monzo has revolutionized banking, as well as other aspects of the finance sector, such as investments, lending, and savings. Soon, the challenger bank also intends to tackle insurance, and she is there to help make it happen.
She noted that Monzo’s mission has always resonated with her personally, as the bank’s goal is to make money work for everyone. This is a concept that was only an ideal when the challenger bank started its journey, but since then, it has managed to turn it into a daily reality.
“There is no better launchpad for the future of insurance than the UK’s favourite challenger bank,” she said.
Monzo continues work on expanding its product diversity
Monzo’s move into the insurance sector comes as the latest move in an attempt to offer a greater diversity of products. Previously, the UK bank launched its own wealth management services, which also brought a lot of attention to the bank. Earlier this year, in August, reports emerged stating that the bank is also eyeing the pensions market and potentially seeking a way to expand into it and offer it as part of its services.
At the time, Monzo was recruiting for a product manager in the investments team who would help steer the challenger bank’s retirement proposition. For the time being, Monzo has not yet made its move regarding the pensions market, although it is possible that it is working on it in the background.
Even so, with the entry into the insurance sector, the company is likely to have its hands full with preparation and setting up a new service. Right now, the firm is also in talks that could potentially allow it to raise up to 300 million GBP. Furthermore, the bank is estimated to have more than eight million users, and its performance in 2023 has also been excellent, and is expected to allow it to hit profitability.
