Brolly, the U.K. digital insurance app, has been acquired by incumbent Direct Line Group. The calls of the acquisition aren’t being disclosed, while the transaction is expected to formally close during the third quarter of 2020.
Originally founded by onetime Aviva underwriter and produce overseer Phoebe Hugh and former Skype and Microsoft engineering manager Mykhailo Loginov after the pair met at company builder Entrepreneur First, Brolly propelled as a personal insurance concierge. The app let you succeed your existing insurance policies and then helped you spot potential gaps or duplication in coverage and search for a better deal.
That merely appeared to get the insurtech so far, and in August last year, the startup launched “Brolly Contents “ to push what it saw as a chink in home contents insurance.
Designed to be fit for the digital age, the product promised “flexible” monthly cover for all or a subset of the items you own, delivered in a more handy highway via Brolly’s portable app. Boasts of Brolly Contents included the ability to insure up to PS4 0,000 value of belongings, suitable for renters or property owners, and no costs for updates to your cover.
In addition, there was a promised loyalty dismis of up to 25% that increases each month you stay with Brolly and haven’t made a claim. As Brolly’s CEO Phoebe Hugh told TechCrunch at the time, that’s the antithesis to incumbent providers who give large deductions for brand-new purchasers, which are then clawed back the following years on the proposition that you are too lazy or day good to bother switching.
According to the joint announcement, post-transaction, the team behind Brolly are expected to join Direct Line Group to build on their work to date with the aim of” helping the Group to accelerate its transformation to becoming a leading digital participate in guarantee .”
Comments Hugh in a statement: “I started Brolly to reinvent personal policy, and by listening and adapting to a new generation of consumers, we have made great progress so far. I’m thrilled to be taking the next step in this journeying that will allow myself and my team to scale the technology and makes to a much bigger audience. We are energized to continue to build beautiful and personalised commodities to simplify insurance within Direct Line Group, one of the U.K.’s most innovative massive insurers .”
Notably, however, TechCrunch understands that existing Brolly app customers have been informed that its” plan conduct stage” will be shutting down on 30 th July, but with the option to export key data about current and expired programs. Brolly Contents is also to be discontinued per private individuals customer’s coating mission date.
Finally, just for posterity, here is Hugh’s original EF pitch to investors:
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