Startup Trov has announced the formal launch of its on-demand item insurance platform, enabled by the company's smartphone app.

In partnership with Australian insurer Suncorp, customers can buy -- and turn on and off at thei leisure -- insurance coverage for small to midsize items like laptops, cameras, and bicycles. The service launches in Australia next month, and a partnership with AXA will bring it to the UK later this year.

"Increasingly customers, particularly those in the millennial generation, are looking for new platforms to provide financial services in a flexible and engaging way," says 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."

"Trov is bringing bold innovation to a typically very traditional industry, and we are delighted to be working together and exploring future opportunities," adds Gareth Howell, Managing Director at AXA Insurance.

The launch comes as Trov closes $25.5 million in Series C funding. In addition to the standard venture capital and private equity firms, Suncorp and insurance core systems vendor Guidewire are also investing in the company.

"We are pleased to strategically invest in Trov, a company that is seizing the opportunity the digital engagement economy presents, says Neil Betteridge, Vice President, Strategy, Guidewire.

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