Munich Re, Trov to Bring Mobile Item Insurance to the U.S.
Munich Re has entered a partnership with Trov to bring its on-demand insurance business to the U.S. in 2017, the companies announced today.
The move follows Trov’s initial launch in Australia in May. Its app enables customers to insure single items they care about, specifically for the amount of time they choose. Users are presented a personalized quote on its cloud-based platform, which features algorithmic pricing, integrated billing and bot-assisted claims. Munich Re is said to provide underwriting capital and insurance licensing for Trov in the U.S.
“Trov is creating a new way for consumers to interact with insurers, which ultimately benefits not only consumers, but our industry for the long haul,” said Andy Rear, head of Munich Re’s global digital partners business unit, in a statement.
Trov first launched in partnership with Australia-based Suncorp Group, offering coverage for personal items such as sports equipment and laptops. By year’s end, the startup is expected to launch in the UK with support from AXA. According to the company, more than 10 million personal items have been insured by customers to date, totaling $10 billion in value.
“Partnering with Munich Re brings its immense capability and strong balance sheet together with Trov’s innovative technology platform,” said Scott Walchek, CEO and founder of Trov. “Millions of Americans can be empowered to protect their things, mobility, and lives, in ways never before possible.”