(Trov app. Source: Trov.)
Trov (Danville, Calif.), the provider a new insurance platform inspired by Millennials’ mobile-based lifestyle, has announced that it has closed $25.5 million in Series C funding led by Oak HC/FT, bringing its total funding to $39 million. Other prominent investors in the round include leading Australian insurer Suncorp Group (Brisbane), insurance core system vendor Guidewire, and existing investor, Anthemis Group (London). Trov first appeared in 2011 as a cloud-based personal property inventory app and uses integration with major data providers and manufacturing information in its pricing process.
Along with its funding round announcement, Trov announced the debut of its on-demand insurance platform that allows consumers to instantly turn insurance on or off for individual items as they feel the need to protect them. Through the Trov mobile app, on-demand insurance will be available in Australia in May 2016, followed by the U.K. in the second half of 2016, and in the United States and other geographies in 2017. Trov will go to market through its insurance carrier partners Suncorp in Australia and AXA in the U.K.
“On-demand is the expectation of the connected generations. From purchasing and policies to pricing and claims, we’ve rebuilt insurance from the ground up by creating a truly on-demand experience,” comments Scott Walchek, CEO and founder of Trov. “Now, with the close of our Series C financing and alignment with innovative partners, we’re equipped to rapidly evolve the technology and expand globally.”
Trov represents itself as creating a “new paradigm for insurance that empowers people to protect just the things that are important to them, for just the time they need it, without the involvement of an insurance agent or committing to a long contract.” Users of the Trov app can easily turn insurance on and off as property items, such as cameras, musical instruments or other equipment is exposed to greater risk of damage, theft or loss.
Patricia Kemp, general partner at Oak HC/FT characterizes Trov as disrupting the traditional insurance sales model and creating an entirely new and innovative approach for consumers. “We are excited to support their talented team in this endeavor and look forward to helping them build upon Trov’s existing track record of success,” Kemp comments.
Digital Engagement Opportunity
“As an early insurance technology disruptor ourselves, we are pleased to strategically invest in Trov, a company that is seizing the opportunity the digital engagement economy presents,” comments Neil Betteridge, VP, Strategy, Guidewire. “We view Trov as an innovative asset to the industry in these rapidly changing times as insurers strive to adapt and succeed.”
Increasingly customers, particularly those in the millennial generation, are looking for new platforms to provide financial services in a flexible and engaging way, according to Michael Cameron, CEO of Suncorp Group. “Trov is a great example of a new and innovative way for customers to protect what matters most to them,” Cameron comments. “We are excited to partner with Trov and build on this opportunity together.”
Gareth Howell, managing director, AXA Insurance comments that, “The AXA and Trov partnership represents an exciting step and opens up new possibilities, not only for us as a company but also for consumers in the UK. Trov is bringing bold innovation to a typically very traditional industry, and we are delighted to be working together and exploring future opportunities.”
At launch, Trov will offer protection for a limited number of items, including consumer electronics, with additional categories of items becoming available over the course of the year, according to a company statement. The Trov app is currently available for free download (without the on-demand insurance feature) on iOS and Android in Australia, the U.K. and U.S. Trov reports that it has already helped people back up and organize nearly 1 Million items valued at over US$8.5 Billion.