Trov is one of the insurance startups we will hear about in the future as it is the first global insurtech platform.
Scott Walchek is the CEO and founder of Trov. His words sound almost like a threat. “Trov’s first hits in Australia and the UK are showing that modern consumers appreciate a new way to protect their stuff. With new capitals and extensive partnerships, millions of people around the world will soon have the opportunity to protect things that improve their lives when and how they want.”
Trov has conceived (since 2012) an absolutely innovative type of insurance policy, addressed in particular to millennials: on-demand policies to protect personal properties (computers, smartphones, TVs, bicycles, musical instruments, sports equipment, cameras, etc.) even for a short time. Policies that can be “started or stopped” by phone when needed, complaints can be managed in the same way, even with real-time chat.
But besides this, it is proving to have found a winning collaborative strategy with all the leading companies to manage its growth and ranking on markets, the facts speak for themselves: In early April announced a new investment of about $ 45 million, led by Munich Re HSB Ventures, which also includes investors from previous rounds (including SunCorp Group, Australian company and Sompo Holdings, a Japanese company). Previously Trov had also raised substantial capital from Axa, the company through which he entered the UK market, while with SunCorp Group entered Australia. Now Munich Re, which had been partnering with Trov to support its launch in the US since September last year, will open to start-ups in many markets, especially European ones, while Sompo collaborates on entering Japan.
Why is this startup so special? The companies seem to compete to support and become part of the capital. Probably its ability to reach Millennials.
Gareth Howell, AXA Managing Director On the launch of the service in the UK, explained it very well: “The launch of Trov in the UK represents a new era for insurance: it will allow millennials, the generation with less insurance than ever, to access a new insurance model for their personal properties, a way that suits their lifestyle. We are proud to collaborate with Trov in the UK to better reach new generations.”
Andy Rear, Head of Digital Partners business unit Munich Re, said: ” Trov’s on-demand protection represents a true innovation in the insurance industry for an unsupported or under-insured market. Our widespread presence will surely help Trov’s rapid expansion in the most active markets worldwide. We are excited to take a deeper role in the industry’s first insurtech platform “.
Usually, the growth of insurtech startups in different markets is very prudent, especially for “bureaucratic” reasons: insurance is one of the most regulated sectors worldwide, with many differences among countries. In the United States, there may be several variables different states, making development a complicated process.
For Trov is different, thanks to the alliances with big companies it easily enters new markets “on the back of giants”.