Global data analytics provider Verisk has made a strategic investment in London based Insurtech HUG HUB in a deal designed to enable the latter to expand and enhance its platform.
HUG HUB’s digital platform aims to transform the way insurers, managing general agents and brokers engage with their customers.
With Verisk’s support, HUG HUB intends to provide its customers access to the firm’s analytics, a leading source of information about insurance risk, data management and predictive modelling.
HUG HUB is currently 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.
“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,” states Jonathan Davey, CEO of HUG HUB.
“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,” he continued.
“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,” said Alex Croydon, managing director, General Insurance UK & Ireland, Verisk
“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.”