Trov's app enables people to easily insure just the things they care about, for whatever duration they want, entirely from the convenience of their smartphone. With a simple swipe, users are presented a personalized quote and can instantly turn insurance on (or off) for an individual item. The app is built on Trov's revolutionary cloud-based insurance platform, that features micro-duration policies, algorithmic pricing, integrated billing, and intelligent bot-assisted claims.
Munich Re, one of the world's leading reinsurers, intends to provide underwriting capital and insurance licensing for Trov in the US marketplace.
Scott Walchek, CEO and founder of Trov, comments: "Partnering with Munich Re brings its immense capability and strong balance sheet together with Trov's innovative technology platform, so that millions of Americans can be empowered to protect their things, mobility, and lives, in ways never before possible."
Andy Rear, Head of Munich Re's global Digital Partners business unit, said: "Digitalization is changing the face of the insurance industry, and our partnership with Trov is a perfect example of the innovative propositions we are developing with digital insurance start-ups and digital verticals. Trov is creating a new way for consumers to interact with insurers, which ultimately benefits not only consumers, but our industry for the long haul."
Trov's on-demand insurance will be phased into all 50 states beginning in 2017, allowing users to protect single items, such as electronics, photography, and sports equipment.
Trov first launched on-demand insurance in Australia in May of 2016, in partnership with leading insurer Suncorp. It has been most popular with the 18-34 year old audience, which gives an early indication of the audience that will engage with the product in the US.
Trov on-demand insurance will launch in the UK, in partnership with AXA, before the end of 2016.
The Trov mobile app (without on-demand insurance) is currently available for free in the US on iOS and Android in the US, and empowers users to easily add and back up their possessions by snapping a photo of an item/receipt or searching the product database. More than 10 million items have been added to people's Trovs globally, with a total value of over US$10 billion.
Trov is reinventing insurance for the mobile generation by making it simple, flexible and transparent. With the introduction of the world's first on-demand insurance platform for single items, Trov gives people the power to insure just what they want, exactly when they want, entirely from their mobile device. The Trov app also helps people easily organize important information about the things they own and back it up to the cloud, so it's accessible when needed. In April 2016, Trov announced a $25.5m Series C funding round led by Oak HC/FT, with participation from Suncorp Group, Guidewire, and existing investor Anthemis Group. Trov rolled out in Australia in May 2016, and is due to launch in the UK in the coming months. Trov is headquartered in the San Francisco Bay Area.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with more than 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world's leading reinsurers. Munich Re's primary insurance operations are concentrated in ERGO, one of the leading insurance groups in Germany and Europe. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand.
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