(Image source: Trov homepage.)
Trov (Danville, Calif.), creator of an online platform designed to let consumers insure single items on demand, has closed $45 million in Series D funding led by Munich Re / HSB Ventures, bringing its total funding to just over $85 million. All of Trov’s Series C investors participated in the round (Oak HC/FT, Suncorp Group, Guidewire, and Anthemis). Also participating in the financing was Sompo Holding, which will bring Trov to Japan. In late November 2016, Trove launched its offering in the U.K. in partnership with AXA Insurance (Paris).
Trov reports that the new capital raised by the Series D round will be used to extend the company’s on-demand insurance capability to more geographies, expand the categories of items it covers, and accelerate the development of new applications that use the Trov platform.
In addition to its investment, Munich Re is expanding its strategic alliance to include underwriting throughout Europe, Asia and South Africa, Trov reports. Additionally, SOMPO is investing in the financing round through its wholly owned subsidiary Sompo Japan Nipponkoa, and partnering with Trov to offer its on-demand insurance exclusively throughout Japan.
“Trov’s early success in Australia and UK is demonstrating that modern consumers want a new way to protect their things,” comments Scott Walchek, CEO, Trov. “With the additional capital and extensive partnerships, soon millions of people around the world will be empowered to protect the things that enhance their lives whenever and however they want.
Stable of Exceptional Partners
“By expanding our partnership with Munich Re and adding Sompo Japan Nipponkoa, we’re building a stable of exceptional partners who will enable us to launch around the world with greater speed, efficiency, and local know-how,” Walchek adds. “The combined capabilities of key global insurance leaders will streamline our regulatory path and increase our go-to-market effectiveness in each new territory we pursue.”
Trov’s on-demand protection represents a genuine innovation in insurance for an unserved or under-insured market, according to Andy Rear, CEO of Digital Partners at Munich Re. “Our extensive footprint will surely help power Trov’s rapid expansion to the most active markets around the globe,” he comments. “We’re excited to be taking a deeper role with the industry’s first global insurtech platform.”
Shaping the Future of the Insurance Industry
“We are constantly working to find innovation-driven companies to help shape the future of our industry, and we’re excited to be working closely with the team at Trov as they expand their presence in the global insurtech market,” comments Jacqueline LeSage Krause, Managing Director, Munich Re/HSB Ventures.
“SOMPO Group is transforming itself into the whole service industry of security, safety and wellbeing for a global society,” comments Koichi Narasaki, Executive Officer overseeing Digital Strategies at Sompo Japan Nipponkoa. “We are thrilled to be partnering with Trov as their exclusive go-to-market partner in Japan. Together, SOMPO and Trov are seeking a user-first approach in one of the world’s leading mobile-consumer markets.”
The Trov app is currently available for free download on iOS and Android in the UK and Australia. Trov users using the app are presented a personalized quote and can instantly turn insurance on (or off) for an individual item, for whatever length of time they need, paying only for the coverage they require. The app is built on what Trov characterizes as a cloud-native insurance platform, that features micro-duration policies, algorithmic pricing, integrated billing, and intelligent bot-assisted claims. Users can easily add their possessions—by snapping a photo of an item/receipt, forwarding an electronic receipt or searching the product database—according to a Trov statement.