(Image source: Lloyds Banking Group.)
Trov, the Danville, Calif.-based pioneer of online sale of insurance for single items of property, has announced its launch of a new distribution platform supporting portfolio of white-labeled insurance products designed to be rapidly deployed by financial organizations and insurers. The initiative is being undertaken in partnership with Lloyds Banking Group (London), the U.K.’s largest retail financial services provider, with around 26 million customers. The companies say they will release an “innovative” insurance product designed around the evolving lifestyle of modern, connected U.K. consumers later this year.
The new Powered by Trov platform comprises four core InsurTech modules, including Policy Sales (quoting, binding, billing, and adjustments), Claims (consumer and business interfaces), CRM (customer management), and Business Intelligence (conversion, engagement and risk analytics), according to a Trov statement. These modules serve as the building blocks of the white-label insurance product line and can be configured for a variety of policy types including homeowners, renters, auto, and SMB, the statement says.
Trov characterizes the Powered by Trov platform as the means by which the company intends to establish itself as a preferred partner for insurers and financial services enterprises seeking to go to market with innovative insurance products that appeal to a new generation of consumers. Trov’s white-label products take advantage of Trov’s experience in on-demand coverages, and are designed to offer incumbents the opportunity to innovate with little to no integration with legacy platforms.
“The launch of Powered by Trov marks the completion of our evolution from a single direct-to-consumer offering to a suite of robust, flexible InsurTech applications that empower incumbents to offer relevant products to the latest generation of digital natives,” comments Scott Walchek, Founder and CEO, Trov. “We’re delighted that Lloyds Banking Group is joining us on our journey and excited to assist other financial institutions to remain competitive in the face of mounting competition by offering the types of digital insurance products their customers demand.”
Better Meeting Customers’ Changing Needs
“We’re excited to explore how Lloyds Banking Group can better meet our customers’ changing needs,” comments Jeremy Ward, Home Insurance Commercial Director, Lloyds Banking Group. “Modern consumers expect simple, engaging experiences in anything they do, and we’re looking forward to launching innovative new products to give our customers that kind of experience.”