Having kicked off its journey four years ago, UK-based InsurTech startup Brolly is now closing its books after being acquired by Direct Line Group.
While no details about the size of the deal were provided, the acquisition will see the Brolly become part of Direct Line Group, apparently enabling the insurer to take a front row seat in the industry’s technological transformation.
Customers will still be able to access their polices until July 30 and all covers will be in place by dates communicated via email.
“Well it been a ride!” Brolly said in a statement. “When we started four years ago, we knew that changing insurance would be tricky but that didnt make us more patient. Were proud to have helped tens of thousands of people save time, money and a lot of confusion.”
The company began its journey by offering an AI-powered policy management tool. Among its accolades, founder and CEO Phoebe Hugh was listed as one of Forbes 30 under 30 in 2019.
“This is a really big step for us in an already very exciting journey,” the company continued. “Since our launch, our belief in the power of simple, personalised and intuitive insurance products has been unwavering.
“Alongside our new colleagues at Direct Line Group, we will imminently start work on products that will help shape the future of insurance.
“Well be looking to apply the same straightforward simplicity and amazing customer experience on a much larger scale. The reach and expertise present at our new home will help see those products delivered throughout the whole of the UK.
Brolly raised ?1m in seed funding in 2017.
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