Verisk backs HUG HUB
London-based provider of software solutions for insurance retailers , has received a strategic investment from Verisk , a 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.
Founded in 2014, HUG HUB 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. Features include the ability to cross and upsell effectively and provide insights to tailor products and the customer journey.
With Verisk’s support, HUG HUB will provide its customers access to analytics from Verisk, a 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 Verisk’s investment in HUG HUB, Alex Croydon, managing director, General Insurance UK & I, Verisk, will join HUG HUB’s board with immediate effect.
“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. 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.” – Jonathan Davey, CEO of HUG HUB.
“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.” – Alex Croydon, managing director, General Insurance UK & I, Verisk.
“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.” – Andrew Holley, HUG HUB chairman.
