Trōv Begins U.S. Roll Out of On-Demand Insurance

The company has rolled out its insurance for single items in the state of Arizona, with additional states planned for later in 2018.

(Image source: Trov homepage.)

Trov, the Danville, Calif.-based online platform designed to let consumers insure single items, has launched in the United States, starting with on-demand insurance for single items in the state of Arizona, with additional states planned for later in 2018. Munich Re’s Digital Partners will provide underwriting capital through its global strategic alliance with Trov, the company reports. The U.S. debut follows launches in the U.K. and Australia.

Andy Rear, Head of Munich Re’s global Digital Partners business unit.

“Trov is one of the forerunners of insurance innovation and a strong partner for the future with their on-demand platform,” comments Andrew Rear, CEO of Munich Re’s (Munich) Digital Partners.

Trov’s on-demand coverages take effect immediately when a user turns protection on and ends when the policyholder turns it off. “Whether for a year, a month, a weekend, or just a few hours, users only pay for the coverage they actually use,” a Trov statement says. Items are protected against accidental damage, loss, mechanical breakdown, and theft anywhere in the world.

With its U.S. product launch, Trov has also debuted technology that powers its new Smart Premium, which regularly decreases a user’s monthly premium based on the changing value of the items protected. Trov’s platform continuously tracks the retail replacement value of items in its catalog.

Trov reports that it is expanding the breadth of items that can be covered beyond everyday consumer electronics and photography gear to new categories for which the company has received user demand. Starting July 5, that includes selected items across sports and musical equipment, with more products being added through the year.

Scott Walcheck, CEO, Trov.

Lessons from U.K. and Australia

“Insurance lags way behind the expectations of today’s connected consumer, and Trov gives them a radically new way to protect their things,” comments Scott Walchek, founder and CEO, Trov. “What iTunes did to change the way people buy and enjoy music, Trov is doing for insurance—enabling people to protect whatever they want, wherever they are, for whatever duration they need—and only pay for the protection they use. We’ve learned a lot in the U.K. and Australia, and we’re excited to come home so our friends here can enjoy Trov’s benefits.”

Trov’s policy has been approved in 44 states. The company released its first U.S. insurance product, Trov Mobility, earlier this year in partnership with Waymo, Alphabet’s (Mountain View, Calif.) self-driving technology unit. Trov Mobility uses capabilities from its on-demand insurance platform to provide protection for passengers using Waymo’s self-driving transportation service, which is due to launch later this year.

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Trov Partners with Waymo to Insure Driverless Ride-Hailing Service

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at or (503) 936-2803.

Comment (1)

  1. I am wondering how fraud is detected. Is there a data sharing pool? If I insure a camera after I have dropped it, how will insurers know?

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