For the first time, people in the UK can easily insure just the things they care about, entirely from the convenience of a mobile app. With a simple swipe, users are provided with a personalised quote and can quickly turn insurance on (or off) for an item without the need for any interaction with a traditional insurance agent. Items protected through Trov are covered internationally against accidental damage, loss, and theft.
At launch, Trov is offering protection for common electronic items, such as laptops, mobile phones and cameras, with more than 30,000 insurable items available in its database. Additional categories, such as sports equipment and jewellery, will be rolled out over the next year.
Claims are handled via an in-app chatbot, which asks users questions regarding the incident, making claims notification as easy as sending a few texts. When a claim is accepted, the item will be replaced, repaired, or if that isn't possible, the user will be reimbursed. With an entirely digital experience, including fraud detection technology, Trov makes the claims process simple, while also deterring dishonest claims.
Scott Walchek, founder & CEO of Trov, comments: "Trov presents people with a modern alternative to the arcane practices of a 300-year-old industry in serious need of an overhaul. We are excited to bring the Trov on-demand insurance platform to the UK, whose tech-forward consumers will appreciate this exciting departure from traditional insurance. Single item protection is just the beginning of what's possible with a platform that can power micro-duration insurance."
Trov is designed specifically for the mobile generation, who often find the constraints of traditional insurance incompatible with their untethered lifestyles. The 2015 World Insurance Report revealed that just 36 percent of millennials reported a positive experience with their traditional insurer in 2015, compared to 52 percent of other age groups. Trov represents an enormous opportunity for this group as it provides a far more flexible approach to insurance, whether they are heading to university, going travelling, working on-the-go, or simply wanting to protect something they love.
Trov's on-demand insurance platform first launched in Australia in May of this year. Since launch, the majority of engagement has been from 18-34 year olds, who are most commonly protecting items such as mobile phones and laptops. This is an early indication of the likely appeal of Trov for the millennial audience in the UK.
To bring on-demand insurance to the UK market, Trov has partnered with AXA Insurance to underwrite the insurance product.
Gareth Howell, Managing Director at AXA Insurance at AXA, adds: "The launch of Trov in the UK heralds a new age of insurance, which will see millennials, the most underinsured generation ever, introduced to a way of insuring their belongings that fits with their lifestyle. We are proud to partner with Trov in the UK to be able to better reach the emerging generations."
The Trov app is available for free download on iOS and Android, and allows users to easily add their possessions (by snapping a photo of an item/receipt, forwarding an electronic receipt or searching the product database). With a simple swipe, users can then insure just the items that are important to them, for whatever length of time they need. More than 1,000,000 items have been added to people's Trovs globally, with a total value of over $10 billion USD.
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, micro-duration insurance platform, 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 organise 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 launched in Australia in May 2016, and will launch in the United States and other regions in 2017. Trov is headquartered in the San Francisco Bay Area.
The AXA Group is a worldwide leader in insurance and asset management, with 166,000 employees serving 103 million clients in 64 countries. In 2015, IFRS revenues amounted to Euro 99.0 billion and IFRS underlying earnings to Euro 5.6 billion. AXA had Euro 1,363 billion assets under management as of December 31, 2015. In 2016 Interbrand ranked AXA the 1st insurance brand worldwide for the 8th consecutive year.
In the UK AXA operates through a number of business units including: AXA Insurance, AXA PPP healthcare, AXA Ireland and an independent distribution business Bluefin. AXA employs over 10,500 staff in the UK.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA's American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
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