Jonathan Davey: ‘I didn’t choose insurance – insurance chose me’

At the end of April 2024, HugHub chief executive Jonathan Davey announced his retirement on social platform LinkedIn after eight years leading the insurtech.

HugHub was incorporated on 13 December 2013 as a software provider for insurers and brokers, showcasing a cloud-based platform that offered quote, buy and full policy servicing capabilities.

On 3 April 2024, the Insurtech 50 featured firm entered administration after experiencing a series of funding issues, according to a filing on Companies House published that same month.

Two administrators were subsequently appointed from Resolve Advisory on 15 April 2024.

As for HugHub’s tools, software house Open GI bought the insurtech’s digital platform following the administration notice, while investment firm Endeavour Ventures snapped up its digital quote extranet platform.

With his tenure at HugHub’s helm now at an end, Davey plans to retire following a 38-year career in the insurance and technology markets.

Primarily, he wants to spend more quality time with his family, as well as obtain non-executive roles.

Speaking exclusively to Insurance Times, he says: “I am going to be selective. I am young enough to want to keep my grey matter moving.

”But you will not see me back doing a job with ‘chief’ in the title. However, if there is something I can do to help people from an advisor, non-executive, strategy, or support perspective, I would be delighted to.”

Milestones

Davey led HugHub as its chief executive since February 2016.

His major milestones during his tenure included building HugHub’s product and extranet, as well as winning the company’s first customer.

Recalling how the extranet idea came to him, he explains: “I was wandering through a field one day during the pandemic and thinking if we could use our technologies to solve a problem for brokers. We did a proof of concept  – it worked. After getting investment, we built it out as a product.”

This extranet hub won the insurtech a bronze award at 2023’s Tech and Innovation Awards, hosted by Insurance Times last September, in the Best Use of Technology for Customer Experience category.

“That was a major highlight for me,” Davey adds.

Outside of HugHub, meanwhile, Davey cited the setting up and running of two MGAs as another career achievement. 

He established MGA Keychoice Underwriting during his time at insurance software company SSP, where he was a director between August 2008 and October 2015. He was appointed managing director of Keychoice Underwriting in 2008.

After growing the MGA’s team to around 30 staff members, he sold the business to Towergate Insurance in 2012.

Prior to this, in 2001, Davey was chief executive of Primary Group – now known as UK General Insurance. During his seven-year tenure there, he launched and grew MGA Primary Broker Services.

He continues: “We started with a laptop and a phone in a small Birmingham office and ended up writing £100m of income and recruiting 225 staff across seven offices throughout the UK.

”That’s one of my biggest achievements in terms of setting up an MGA from scratch, getting regulatory clearance, hiring a team. I’m very proud.”

Davey was also one of the founding members that set up the Managing General Agents’ Association (MGAA) back in 2011 and he served on its first board of directors.

He adds: “I’ve had a fabulous career, I have worked with some amazing people. That’s given me the opportunity to succeed off the back of their efforts. I am very lucky to have fallen into insurance, managed to stay there and do some great stuff along the way.”

Stick with what you know

Davey has always helped to join the dots between insurance and technology. He first entered the insurance market by selling back office policy administration systems to brokers.

After his employing firm was acquired, Davey was subsequently asked by his new bosses to “reinvigorate the business” after the previous managing director exited the business. This included relocating the business from Kent to Derbyshire, to be closer to its new parent.

This firm was later sold in 1994 to Misys General Insurance, which rebranded as Open GI in May 2006.

Davey says: “I didn’t choose insurance, insurance chose me. And once I got involved, I think like most vertical markets, you start to build out your knowledge base, understanding and experience – then there’s a trend to stay in the industry because you know it.”