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Trōv InsurTech, Backed by Munich Re, Approved in 23 States

Trov Image-SF
July 10, 2017

Trōv, on-demand InsurTech currently available in Australia and the United Kingdom, was recently approved in the United States by regulators in 23 states. Earlier this year, the insurance technology start-up closed $45 million in Series D funding led by Munich Re / HSB Ventures. This inflow raised Trōv's total funding to just over $85 million.

The new capital is being used to bring Trōv's on-demand insurance capability to more people around the world, expand the categories of items it covers, and accelerate the development of new applications that leverage Trōv's unique technology platform.

In addition to its investment, the Munich Re strategic alliance includes underwriting throughout Europe, Asia, and South Africa. Also participating in Trōv's financing is one of Japan's leading insurers, Sompo Holdings (SOMPO). SOMPO plans to bring Trōv to Japan through its wholly owned subsidiary Sompo Japan Nipponkoa. Trōv will also be rolling out in Canada in the near future.

Prior to the US regulatory approval, Scott Walchek, CEO and founder of Trōv, commented that "By expanding our partnership with Munich Re and adding SOMPO, we're building a stable of exceptional partners who will enable us to launch around the world with greater speed, efficiency, and local know-how. The combined capabilities of key global insurance leaders will streamline our regulatory path and increase our go-to-market effectiveness in each new territory we pursue."

Andy Rear, CEO of Digital Partners at Munich Re, added, "Trōv's on-demand protection represents a genuine innovation in insurance for an unserved or under-insured market.  Our extensive footprint will surely help power Trōv's rapid expansion to the most active markets around the globe. We're excited to be taking a deeper role with the industry's first global InsurTech platform."

Jacqueline LeSage Krause, managing director, Munich Re / HSB Ventures, said, "We are constantly working to find innovation-driven companies to help shape the future of our industry, and we're excited to be working closely with the team at Trōv as they expand their presence in the global InsurTech market."

According to its website, Trōv is an on-demand insurance platform set up to insure single items such as electronics, musical instruments, sports equipment, appliances, and camera gear with a growing list of insurable products. The Trōv experience is entirely mobile where a user can turn protection on or off at any time with just a few swipes. Coverage currently includes accidental damage, loss, and theft. All claims are reported via text message.

Read more on about digital transformations reshaping the insurance industry in "Top Trends in Insurance Industry Disruption."

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