(Image source: Halifax Home Insurance website.)
Trov, the Danville, Calif.-based pioneer of online sale of insurance for single items of property, has announced the launch of an end-o-end digital renters insurance application, brought to market by Halifax Home Insurance (Leeds, England), part of Lloyds Banking Group (London). The news follows Trov’s Aug. 2019 announcement of its partnership with Lloyds Banking Group on the creation of a new distribution platform supporting portfolio of white-labeled insurance products designed to be rapidly deployed by financial organizations and insurers.
The Trov/Halifax Home Insurance launch aims at a growing population of renters in the U.K., which has risen from 2.8 million in 2007 to 4.5 million in 2017—with two-thirds of those lacking insurance for their possessions. The insurance 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.
Trov reports that its technology enables renters to activate the base home coverage as a monthly subscription and easily turn protection on or off for individual items, entirely from a connected device, and without any agent involvement. Trov says it is also powering an all-digital claims experience that puts users at the center, enabling them to easily submit, track, communicate and settle a claim.
Halifax Home Insurance has also adopted Trov’s back-office modules to manage the product. The back-office suite includes Trov’s customer relationship manager, a claims agent interface, and a business intelligence application for financial reporting and performance analytics.
“Working with Trov, we’re taking the hassle out of home insurance for renters, giving them peace of mind that their belongings are covered should the worst happen,” comment Jeremy Ward, Head of Home Insurance, Lloyds Banking Group.
Modern, All-Digital Experience
The renters insurance application, in partnership with Lloyds Banking Group, is the third in Trov’s white-label product line, launched within a month of its Auto & Mobility application in Australia, in partnership with Suncorp Group.
“By combining an affordable monthly subscription policy with on-demand coverage for personal items, Halifax Renters powered by Trov delivers a modern all-digital experience with unsurpassed flexibility, speed, and convenience,” comments Scott Walchek, Trov CEO/Founder. “Our white-label applications are purpose-built to empower incumbents around the globe to rapidly introduce all-digital insurance products designed to meet the expectations of today’s consumer.”