Trov, the which bills itself as the “world’s leading On-Demand Insurance technology company,” launched in the United States earlier this month, starting with on-demand insurance for single items in the state of Arizona.
The Trov application and policy are industry firsts, the company says, empowering consumers to protect precisely what they want, wherever they are, for whatever time they need.
The company’s Arizona launch signals the beginning of its U.S. rollout, with additional states planned for later in 2018. The company has received regulatory approval in 44 states with the remaining states pending. Munich Re’s Digital Partners is providing underwriting capital through its global strategic alliance with Trov.
Working closely with U.S. regulators, Trov says it has “re-engineered the insurance policy to create a consumer-first experience that revolutionizes the way people protect their things, from quote through claim.” With Trov’s on-demand insurance technology, coverages take effect the second a user turns protection on. Similarly, coverage can easily be turned off at any time. Whether for a year, a month, a weekend, or just a few hours, users only pay for the coverage they actually use. Items are protected against accidental damage, loss, mechanical breakdown, and theft anywhere in the world.
Trov’s U.S. product also debuts breakthrough insurance technology that powers its new Smart Premium, which regularly decreases a user’s monthly premium based on the changing value of the items protected — something that can only be accomplished with Trov’s platform, which continuously tracks the retail replacement value of items in its catalog.
Building upon successful launches in the United Kingdom and Australia, where the company has provided more than one million days of protection, Trov is expanding the breadth of items that can be covered beyond everyday consumer electronics and photography gear to new categories for which they’ve received user demand. Starting today, this includes selected items across sports and musical equipment, with more products being added through the year.
“Insurance lags way behind the expectations of today’s connected consumer, and Trov gives them a radically new way to protect their things,” says Scott Walchek, founder and CEO of Trov. “What iTunes did to change the way people buy and enjoy music, Trov is doing for insurance – enabling people to protect whatever they want, wherever they are, for whatever duration they need – and only pay for the protection they use. We’ve learned a lot in the U.K. and Australia, and we’re excited to come home so our friends here can enjoy Trov’s benefits.”
“Trov is one of the forerunners of insurance innovation and a strong partner for the future with their on-demand platform,” said Andrew Rear, CEO of Munich Re’s Digital Partners.
Trov’s On-Demand Insurance policy has now been approved in 44 states. The company released its first U.S. insurance product, Trov Mobility, earlier this year in partnership with Waymo, Alphabet’s self-driving technology unit. Trov Mobility uses capabilities from its on-demand insurance platform to provide protection for passengers using Waymo’s self-driving transportation service, which is due to launch later this year.
About Trov: Trov is the world’s leading on-demand insurance technology company, revolutionizing the way people protect the things they care about. Trov’s consumer application enables people to insure single items, for just the period of time they need, entirely from their mobile device. Trov also provides tailored insurance technology for companies innovating in the mobility space. Founded in 2012 by serial tech entrepreneur Scott Walchek, Trov is available in Australia and the U.K. and is now rolling out across the U.S. Trov, Inc. is privately held and has raised over $97 million from both venture capital and corporate partners. Trov maintains its offices in the San Francisco Bay Area and New York City. Trov launched in Australia in May 2016, where it is underwritten by Suncorp, and the U.K. in December 2016, where AXA is its underwriting partner.
All insurance in the United States is delivered by Trov Insurance Solutions, LLC (in N.Y. Trov Insurance Services, LLC), a licensed insurance producer. Any description of insurance coverages is for illustrative purposes only. For more information visit www.trov.com.
Would think they would have a lot of exposure to fraudulent claims..
I guess I’m stupid. I have a homeowners policy with many items scheduled for their value against all perils including mysterious disappearance. They are protected while in the house and not in use and away from the house when in use. Why would someone find any value in a policy that allows you to turn on and off the protection? Jewelry is covered if vaulted or not vaulted if it is scheduled. Depending on the policy upwards of 10% or more of your personal property is protected if away from the home if it is not scheduled subject to policy language. I can see a use for a policy which allows for turning off coverage for an auto when it is in the garage but that is just suspending coverage which can be done already