The purveyor of a new, Millennials-focused mobile app-based insurance platform has secured an additional $25.5M in a Series C Round and announced its launch in Australia and the U.K.
The new capital will be used to extend the company’s on-demand insurance capability to more geographies, expand the categories of items it covers, and accelerate development of new applications.
Trov’s on-demand insurance will be phased into all 50 states beginning in 2017, allowing users to protect single items, such as electronics, photography, and sports equipment.
The company has rolled out its insurance for single items in the state of Arizona, with additional states planned for later in 2018.
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.
Trov will use anonymized vehicle data to address the complex risk management challenges faced by Zerology’s Tesla fleet Madison, Wisc.
The product includes blanket coverage for items in the home, on-demand insurance for individual items taken out of the home, plus liability and emergency accommodation cover.
Munich Re, through a non-admitted affiliate, will underwrite coverage for users of Waymo’s driverless ride-hailing services planned to debut in Phoenix, Arizona in 2018.
The ‘Powered by Trov’ platform is designed host a portfolio of white-label insurance products, letting incumbents rapidly deploy modern insurance solutions for homeowners, renters, drivers, and SMBs.
Trov’s new Risk Operations Technology complements PSA NA Car Sharing Solutions’ commercial coverage helping them mitigate risk of both insured and uninsured incidents through real-time data.