On–demand insurance for the things you love
Newly launched Trov is aimed at millennials who often have fewer items to insure, and are used to ordering everything from food to plane tickets from an app.
Trov gives customers the opportunity to insure just what they want to have covered, for the length of time they want– all done from their phone.
So how does it work? Customers tell Trov their age and postcode, and the type of product they want to insure. They are then presented with a list of makes and models, to confirm the specific item before generating a price. Once this has been set up a simple swipe right turns the insurance on and swipe left turns it off…..
At the moment only common electrical items like cameras and laptops can be covered, but more items such as bikes and jewellery will be added soon.
Rates are quoted by the day so cover for my son’s Xbox in Horsham was 9p per day with a £31.48 excess and my iPad was 14p a day with a £62.85 excess. Cover is provided worldwide for accidental damage, loss and theft thereby disrupting both home and travel insurance.
Claiming is easy too – it’s all managed by a few texts and swipes with an in app chat bot so customers never have to speak to someone.
The app has won design awards – A yellow pencil at the 2017 D&AD awards, and it was winner at the Service Design awards in 2017
So who are they?
Trov has been around for more than a year and now has investment of about $90 million to fund its global expansion. It was founded by Scott Walcheck who was previously a co-lead investor and founding director of Baidu, China’s dominant internet search engine which in 2005 completed the most successful IPO by a foreign company in NASD history. He sees his company as unbundling cover for single items the way Apple unbundled music albums with iTunes.
The company launched in Australia in May 2016 partnering with Suncorp Group, and in November 2016 in the UK with AXA as their insurance provide. They have plans to launch in the United States in 2017, with Japan and other countries to follow. According to Techcrunch.com 35% of policyholders who take out a Trov product do turn off their insurance after a time although most leave them on. Its policies are cheap and short term, so it will need to sell many policies to make a profit. In the future Trov is looking to employ machine learning behaviours for example to remind you to turn the insurance on in line with previous behaviour, as well as refining its offering by testing propositions in different countries – Currently Australia’s Suncorp only offers a monetary reimbursement while AXA will replace or repair items and only offer money as a last resort.
Trov presents people with a modern alternative to the arcane practices of a 300-year-old industry in serious need of an overhaul. We are excited to bring the Trov on-demand insurance platform to the UK, whose tech-forward consumers will appreciate this exciting departure from traditional insurance. Single item protection is just the beginning of what’s possible with a platform that can power micro-duration insurance.Scott Walchek