A recent hire at Monzo has seemingly tipped off that the digital bank is planning a far greater expansion into the insurance market.
In brief:
-Currently, Monzo offers phone and travel insurance with its Premium tier subscription at £15 a month, but these are simply off-the-shelf insurance products from Assurant and Zurich respectively.
-Phoebe Chibuzo Hugh, the founder of insurance startup Brolly which was acquired by Direct Line in 2020, posted on LinkedIn that she would be joining the challenger bank for an “ambitious mission” in the insurance space.
-When the startup was acquired by Direct Line Hugh first became head of product innovation and later venture CEO.
What does this mean?
Hugh’s recruitment suggests Monzo has far greater ambitions, with the executive teasing “Monzo has revolutionised banking, savings, lending, investments, and soon, we’ll bring this to insurance.”
