Private lines P&C insurers have agreed to offer discounts to qualifying policyholders who manage their tangible wealth using Trôv, a technology to collect and manage information about policyholder property and possessions. Among the insurers working with Trôv are ACE, AIG, Fireman’s Fund, Hiscox UK and PURE.
The technology is a private cloud-hosted digital locker where detailed data about users’ property and possessions is uploaded, regularly valued, managed and connected to partners. Trôv’s technology and processes are designed to offer transparency into the value of insured items, enabling insurers to reduce risk and better protect clients’ possessions.
“The bottom line for ACE and its clients is – with more information about their valuables, clients can make better decisions about how to insure them,” said Bob Courtemanche, chairman, ACE Private Risk Services. “We can use real-time valuations to help our clients maintain the right amount of coverage and also decide what items should have the added protection of a valuables policy.”
New items can be added to a personal Trôv at retail point-of-sale and via electronic receipts and, according to Trôv, customers soon will be able to add new items through a mobile app. As items are added or values change, the app is designed to notify the policyholder, who is offered the option to alert a broker regarding the coverage of the item.
“Data about tangible assets will live in Trôv’s private online digital locker, where clients will be able to manage new purchases and monitor changes in value of their tangible assets,” said Jerry Hourihan, EVP and CMO, AIG Personal Lines. “Working with Trôv to maintain a complete updated record of their property will make the insurance process, including claims settlement, more efficient and seamless.”
Trôv partners with national brokers, including Hub International, Lockton and Willis, to promote its applications for asset management. Appraisers and risk managers can use TrôvCollect to gather information about tangible assets and assess value when they are in clients’ homes.
“In addition to helping PURE members achieve proper coverage limits by offering details about the changing values of their collections, Trôv also supports PURE’s commitment to providing an exceptional claims experience,” said Martin Hartley, PURE’s EVP and COO. “Members who use Trôv benefit from having a digital catalogue of their tangible wealth, which makes the claims process easier and more seamless in the event of a loss.”
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