Wednesday, 27 April 2016 10:46

Trov insurance platform to launch in Australia with Suncorp backing Featured


US-based on-demand insurance platform Trov is to launch its new on-demand service first in Australia with the backing of Queensland’s Suncorp Group which has taken a US$5 million equity stake in the startup company.

Trov says its on-demand service for mobile, which it claims is a world first, means that anyone can turn insurance on or off for individual items, like a laptop, camera or bicycle, and insure only the things that matter to them.

Trov has launched the partnership with insurance provider Suncorp to bring on-demand insurance to Australia in May following the close of a US39 million Series C funding round.

The Australian launch of Trov will be followed closely by a launch in the UK in the second half of this year, and the United States and other countries in 2017. In the UK Trov is partnering with insurer AXA.

Suncorp CEO and Managing Director Michael Cameron says Suncorp was the first insurer globally to work with Trov in 2014 and helped establish Australia as a test market for the Trov app, which enables customers to create a digital inventory of their items on their mobile phones.

“Suncorp is proud to partner with Trov to launch Trov Protection. This world-leading platform provides customers flexibility in how they insure their individual items – meaning they can switch their insurance ‘on and off’ as required from their mobile phones.

“Trov Protection is a significant step forward in making insurance easier and simpler for our customers, and is a great example of how Suncorp is creating value for customers.

“The two companies identified strong customer demand for a seamless experience and have worked together to create this new platform.”

Trov Founder and CEO Scott Walchek said, "Suncorp is one of the world's most innovative insurers and this was a primary reason we selected Australia as the first market in which to launch.

“Trov is redefining the way people protect the things they care about, and in Suncorp we've found a partner with the vision and expertise to help introduce ‘on-demand’ insurance to the mobile consumer."

According to Walchek, on-demand is the “expectation of the connected generations”.

“From purchasing and policies to pricing and claims, we’ve rebuilt insurance from the ground up by creating a truly on-demand experience. Now, with the close of our Series C financing and alignment with innovative partners, we’re equipped to rapidly evolve the technology and expand globally.”

The Trov app is currently available for free download - without the on-demand insurance feature - on iOS and Android in Australia, the UK and US, and the company says it has already helped people back up and organise nearly 1 Million items valued at over US$8.5 billion.

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Peter Dinham - an iTWire treasure is a mentor and coach who volunteers also a writer and much valued founding partner of iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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