Monzo has hired Phoebe Chibuzo Hugh, the founder of digital insurance startup Brolly, to lead a push by the challenger bank into the insurance market.
High launched insurtech Brolly in 2016 after two rounds of the incubator programme Entrepreneur First. The startup was acquired by Direct Line in 2020, where Hugh became head of product innovation and later venture CEO.
Hugh announced the news of her new role in an update on LinkedIn.
"Monzo has revolutionised banking, savings, lending, investments, and soon, we’ll bring this to insurance," she says. "Monzo’s mission has always resonated with me: to make money work for everyone — a concept they’ve turned from a lofty ideal into a daily reality. There is no better launchpad for the future of insurance than the UK’s favourite challenger bank."
The push into insurance is the latest move by the challenger to diversify its product offering, following the recent launch of wealth management services. In August it was also reported that the bank was plotting a move into the pensions market, recruiting for a product manager in the investments team to steer the bank's retirement proposition.
Monzo, which is currently in talks to raise £300 million, has more than eight million customers and is expected to finally hit profitability this year.