(Image source: Trov.)
Trov (Danville, Calif.), the creator of an online platform designed to let consumers insure single items on demand, has announced a partnership with Waymo, Alphabet’s (Mountain View, Calif.) self-driving technology business unit. The partnership marks the insurance broker’s entry into the transportation/mobility space.
“Innovative technology needs innovative partners,” comments Shaun Stewart, Director of Operations, Waymo. “Trov is pioneering a cutting-edge approach to insurance that’s ideal for ride-sharing because it’s customized for every trip. As we prepare to launch a commercial service, we’re thrilled to collaborate with Trov to unlock the full potential of shared mobility.”
Formerly known as Google’s Self-Driving Car Project, Waymo touts its status the first company in the world with a fully self-driving fleet on public roads today. In November, Waymo announced that it would launch a commercial ride-hailing service to members of the public in Phoenix, Arizona in 2018.
Trov announced this morning that it will support trip insurance customized for passengers of Waymo’s soon-to-be-launched service in the Southwest U.S. state. The coverage is made possible by Trov’s platform’s capability of enabling consumers to easily turn protection on for individual items that they own, and pay for just the protection they need. By extending the capabilities of its platform and collaborating with the leader in autonomous vehicle technology, Trov says it is exploring emerging opportunities for the creation of trip-based insurance models.
Through the partnership, Waymo will offer trip-based insurance coverage from Trov, underwritten by a non-admitted affiliate of Munich Re (Munich/Princeton, N.J.). The insurance coverage will include several protections for passengers for the duration of each trip including lost property, trip interruption benefits, and medical expense reimbursement.
“Trov is providing new avenues for developing markets like shared mobility, and this latest partnership exemplifies how their on-demand platform can be adapted for use in a variety of applications,” remarks Andy Rear, CEO of Munich Re’s Digital Partners unit.
Convergence of the Future of Transportation and the Future of Insurance
Founder and CEO of Trov Scott Walchek characterizes the Trov/Waymo partnership as marking a convergence of the future of transportation with the future of insurance. “Waymo is making personal transportation more effortless, and so it follows that all associated aspects of a journey—including insurance—should be equally painless, with passengers’ safety and peace of mind paramount,” he says. “We are genuinely excited to be partnering with Waymo in developing innovations for insuring people and property in the evolution of personal mobility.”