London insurtech eyes expansion with Verisk’s backing
Insurance data analytics provider Verisk has invested in a London-based insurtech with a digital platform that aims to transform the way insurers, managing general agents (MGAs) and brokers engage with their customers.
HUG HUB has received the strategic investment as part of a collaboration deal with Verisk designed to enable the insurtech to expand and enhance its platform.
With Verisk’s support, HUG HUB intends to provide its customers access to analytics from Verisk, a leading source of information about insurance risk, data management and predictive modelling.
HUG HUB is working with Verisk to provide a wide array of risk assessment services, decision analytics and other practical tools that allow their customers to make better decisions around risk.
Alongside the strategic collaboration and investment, Alex Croydon (pictured), managing director of general insurance UK & I at Verisk, will join HUG HUB’s board.
The investment will be used to expand the HUG HUB development and customer delivery teams to support growing customer opportunities and fuel further enhancements of HUG HUB’s ‘no code/low code’ platform.
“We are delighted to welcome Verisk as a partner and shareholder and Alex to join our board. We have seen a huge rise in focus on digital technologies in our market as firms start to ‘do’ digital transformation rather than just ‘talk’ about it. Looking after customers effectively with integrated and omni-channel digital engagement is now a ‘stay in the game’ requirement for all insurance retailers,” said Jonathan Davey, CEO of HUG HUB.
“Our partnership with Verisk and their investment in our business represents a fantastic opportunity for us to maintain current momentum, further expand our business and support our customers both in the UK and overseas,” he added.
Croydon commented: “Working closely with HUG HUB is greatly advantageous to our vision of accelerating the intelligent use of data and analytics across the insurance value chain. Not only is there huge potential to help our customers deliver a better customer experience, our work will also make it much easier for them to access Verisk's industry-leading data and our Data Insight Hub. We are proud to be a part of HUG HUB’s evolution and we look forward to exploring new opportunities to integrate their innovative and customer-centric technologies into our home, commercial and motor offerings.”
Andrew Holley, HUG HUB chairman added: “We were very impressed by the passion shown by the Verisk team to get involved with HUG HUB, their deep domain knowledge and experience together with their understanding of the opportunity for scaling our company and growing our market share was clear. We are delighted to be working with them.”
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