Trov has launched its on-demand insurance platform in the UK, in partnership with AXA Insurance. Users are provided with a personalized 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. Trov’s on-demand insurance platform first launched in Australia this past May. Since launching, the platform noted that the majority of engagement has been from 18-34 year olds, who are most commonly protecting items such as mobile phones and laptops, an early indication of the likely appeal of Trov for the millennial audience in the UK.
“Trov presents people with a modern alternative to the arcane practices of a 300 year old industry in serious need of an overhaul,” explained Trov Founder and CEO Scott Walchek. “We are excited to bring the Trov ondemand insurance platform to the UK, whose techforward 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 microduration insurance.”
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 jewelry, 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 when that isn’t possible, the user will be reimbursed. With an “entirely digital experience,” including fraud detection technology, Trov aims to make claims process simple, while also deterring dishonest claims.
“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,” added AXA Insurance Managing Director Gareth Howell. “We are proud to partner with Trov in the UK to be able to better reach the emerging generations.”
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% of millennials reported a positive experience with their traditional insurer in 2015, compared to 52 percent of other age groups. To date, more than 100,000,000 items have been added to people’s Trovs globally, with a total value of over $10 billion USD.
In April 2016, Trov reported a $25.5M Series C funding round led by Oak HC/FT, with participation from Suncorp Group, Guidewire and existing investor Anthemis Group. The San Francisco Bay Area-based platform anticipates launching in the United States and other regions by year’s end.