Trov, Waymo partner on passenger coverage for self-driving service
On-demand insurer Trov has partnered with Waymo, Alphabet’s self-driving technology unit, to offer protections to users of its autonomous car ride-hailing service launching in 2018.
The program, announced by Waymo last month, will roll out in Phoenix, Arizona, with Trov supplying trip-based coverage to customers for lost property and medical expenses, according to the companies. All plans are underwritten by a Munich Re affiliate.
“Innovative technology needs innovative partners. Trov is pioneering a cutting-edge approach to insurance that’s ideal for ride-sharing because it’s customized for every trip,” said Shaun Stewart,” Waymo’s director of operations, in a statement.
“Waymo is making personal transportation more effortless, and so it follows that all associated aspects of a journey - including insurance - should be equally painless,” added Scott Walchek, Trov founder and CEO.
Since its founding in 2012, Trov has raised $97 million in venture capital funding, including $56 million in a Series D round led by Munich Re’s VC arm HSB Ventures. The startup, which offers coverage on personal belongings to policyholders for the duration they choose, first went to market in Australia and the U.K. in 2016 thanks to partnerships with Suncorp and AXA. The company is also expected to enter the U.S. market in the coming months with support from Munich Re.