HUG HUB, a London based InsurTech firm, has received a strategic investment from Verisk, (NASDAQ: VRSK), a leading global data analytics provider. The investment is part of a collaboration deal with Verisk, that will enable HUG HUB to expand and enhance its platform.
HUG HUB provides a digital platform that transforms the way insurers, managing general agents (MGAs) and brokers engage with their customers. By integrating legacy systems, providing a single customer view and using data and customer behaviour to hyper-personalise customer interactions, HUG HUB helps insurance retailers grow their businesses.
With Verisk’s support, HUG HUB will 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.
Currently, many insurance retailers rely on systems that are not integrated and can’t always utilise customer data to understand the breadth of a customer’s requirements. The HUG HUB platform aggregates all customer information into a single, consolidated view, making it easier for insurance retailers to manage and deliver products.
It offers white-labelled consumer-facing portals for any insurance product and any kind of insurance retailer, allowing customers to buy, service, claim and renew policies online, in addition to providing all the tools required by a contact centre or branch network to manage their customers. Unique features include the ability to cross and upsell effectively and provide insights to tailor products and the customer journey.
Alongside the strategic collaboration and Verisk’s investment in HUG HUB, Alex Croydon, managing director, General Insurance UK & I, Verisk, will join HUG HUB’s board with immediate effect. The investment is being used to expand the HUG HUB development and customer delivery teams to support rapidly growing customer opportunities and will 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,” states 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 continues.
“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,” says Alex Croydon. “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”