As part of the deal, Brolly employees will be moved to Direct Line, enabling the firm advance its transformation to provide personalised, and easy to use digital products
UK-based motor and home insurer Direct Line has agreed to acquire Brolly, an insurance start-up focused on flexible, personalised offerings for the digital generation, for an undisclosed amount.
The transaction, which is expected to be completed in the third quarter of 2020, encompasses the transition of Brolly team to Direct Line, to enable the firm advance its transformation to provide personalised, and easy to use digital products.
Brolly provides digital contents insurance service iOS and Android platforms
Brolly is engaged in creating digital insurance solutions by combining advanced technology and partnerships with UK insurers.
The company offers a Policy Management platform that helps customers consolidate their insurance policies into a single dashboard, where digital contents insurance service is provided on iOS and Android, to enable customers to cover their belongings using smartphones.
In August 2019, Brolly introduced its new insurance product Brolly Contents, a fully-digital contents insurance app that offers flexible cover for renters and homeowners in a simple monthly subscription.
Brolly founder and CEO Phoebe Hugh said: “I started Brolly to reinvent personal insurance, 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 journey that will allow myself and my team to scale the technology and products to a much bigger audience.
“We are excited to continue to build beautiful and personalised products to simplify insurance within Direct Line Group, one of the UK’s most innovative large insurers.”
Direct Line, through various brands including Direct Line, Churchill and Privilege, offers a broad range of general insurance products to consumers. The firm also provides insurance services for third parties through its partnership’s division, Direct Line Group Partnerships.
The NIG and Direct Line for Business operations offer insurance products for businesses distributed through brokers or directly by itself, in the commercial sector.
Direct Line Group marketing director Kerry Chilvers said: “We are delighted to announce our plans to acquire Brolly and are looking forward to welcoming Phoebe and her team to the Group.
“We both want the same thing which is to give customers value and simplicity. 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.”