Leading UK-based insurer Hamilton Fraser has teamed up with Trov, a global provider of embedded insurance, according to an update shared with Crowdfund Insider.
Along with Hamilton Fraser, Trov will be adding four new UK Proptech partners who will integrate Trov’s embedded renters’ insurance into their product offering, the release noted.
Trov, an embedded insurance provider, confirmed that Hamilton Fraser, a provider of insurance and services to the private rented sector, has now signed on as one of Trov’s newest partners, “enabling the insurer to offer digital insurance products to its customers by deploying Trov’s white-labeled solution.”
As stated in the release:
“In addition to Hamilton Fraser, who will offer its customers digital renters insurance, Trov is welcoming four major proptech brands to its roster, including ideal flatmate, a flat sharing platform, Movebubble, a property rental platform, good2rent, the tenant referencing solution, and Vaboo, a customer engagement platform used by letting agents which manages rewards for renters and landlords.”
The new partners are joining Trov’s growing embedded insurance client-base which reportedly includes Fintech firms, retailers, neo-banks, utilities, as well as Proptechs like Love to Rent, OpenBrix, Moovshack, and Movinghub (all of whom onboarded earlier this year).
As noted in the announcement, the majority of the United Kingdom is returning to a more typical daily routine, which will include leaving homes and possessions “unattended for the first time in over a year.” Trov’s flexible renters insurance, which is powered by its innovative tech, should bring “a welcomed peace of mind to many of its partners’ customers.”
Scott Walchek, Founder and CEO of Trov, stated:
“By enabling our partners to deliver a compelling user experience while helping to close consumer protection gaps, our embedded insurance capabilities increase customer loyalty, lifetime value, and delivers high-margin recurring revenue. Our APIs and no-code options combined with a growing network of insurance products mean that digital brands will benefit from offering a wide array of flexible insurance products to their customers.”
Eddie Hooker, CEO of Hamilton Fraser, remarked:
“Having been providing high quality insurance for the last 25 years, we know that in order to meet the ever-changing needs of the customer, we must always be searching for new ways to adapt our business. Our collaboration with Trov will allow us to continue offering the most reliable products to our customers as well as keeping us at the forefront of innovation in our sector. We have been protecting and working with landlords for over two decades, and we are excited to now be able to expand our service to include and offer flexible renters insurance to the wider pool of customers.”
Powering the next generation of insurance, Trov’s tech has been developed to facilitate the distribution of digital insurance products. This year the company reports “a strong queue of brand partners readying to launch not only renters insurance, but other (soon-to-be announced) P&C products.”