(Image source: Shutterstock.)
Seguros SURA Brazil (São Paulo), a subsidiary of Grupo SURA (Medellín Colombia) one of Latin America’s largest property/casualty insurers, has partnered with Trov (Danville, Calif.) to introduce on-demand insurance applications in Brazil.
Recent regulatory changes advocated by Brazilian insurance SUSEP, the Brazilian Superintendence of Private Insurance, have enabled insurers to offer on-demand insurance products to consumers and businesses in Brazil. Unlike traditional annual policies, on-demand insurance delivers policies of infinitely variable durations, such as by the month, week, day, hour or even second. Additionally, coverages can be easily modified without any interaction from an agent. Trov sees a growing demand for all-digital, flexible insurance solutions further amplified by the COVID-19 crisis.
Trov’s says that its platform will enable SURA to underwrite robust all-digital property/casualty insurance applications branded by Brazil’s most prominent financial institutions and consumer platforms. Trov and SURA will begin by launching a flexible on-demand insurance product for personal valuables and mobility, and expand to other insurance products such as auto, home and small business. Additionally, with SURA’s extensive footprint throughout Latin America, the companies intend to expand to other countries in the region.
Customer-Centric Insurance Experiences
“SURA is an immensely innovative underwriter with the ambition to offer modern, customer-centric insurance experiences,” comments Scott Walchek, CEO/Founder of Trov. “We’re excited to work with SURA and its distribution partners to bring personalized, all-digital insurance applications to the Brazilian market, and throughout Latin America.”
“We recognize the potential of Latin America’s insurance market in light of recent regulatory changes, and invested in Trov’s innovative insurance model to meet new consumer demands,” comments Thomas Batt, CEO, Seguros SURA Brazil. “Trov’s proven track record in on-demand insurance makes it the ideal partner with whom to deploy modern insurance applications in Brazil and beyond.”
Grupo SURA participated in Trov’s Series D financing in 2017, joining other strategic investors Munich Re Ventures, Sompo, Suncorp, Markel, Guidewire and others.