Trov

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Trōv
Founded2012
FoundersScott Walchek, Mark Dowds & Jim Gemmell
HeadquartersSan Francisco, California[1]
ServicesMobile applications
Websitewww.trov.com

Trov, stylized as Trōv, is an American technology company based in the San Francisco Bay Area.[2][3][4] CEO, Scott Walchek, founded Trōv in 2012.[2][5][6]

Overview[edit]

Current customers include Suncorp, Lloyds Banking Group, Waymo, PSA, and Zerology.[7][8][9][10][11][12]

Trōv pivoted to a business-to-business model and shut down its direct-to-consumer mobile insurance platform in 2019.[13] Previously, the company offered this platform to consumers in Australia, the United States and the United Kingdom.[14][15][16]

Trōv's consumer app offered insurance for individual items that could be toggled on and off using "micro-duration policies".[17][18][19] The application allowed users to track their possessions using a photograph or an item or receipt and was backed up to the cloud.[20] Trōv partnered with insurance carriers based on geographic region to offer coverage for consumer's belongings protected through the app.[17][6][19]

In 2016, Trōv's Series C funding round generated $25.5 million led by Oak HC/FT. Suncorp Group, Guidewire, and previous investor Anthemis Group also participated in the funding round.[17][21] As of 2016, Trōv has raised $39.2 million in total funding.[5][6][15] The original cloud-based application was limited to personal inventory and tracking the value of possessions.[22] Following the funding round, Trōv launched its mobile insurance platform in Australia in May 2016 through a partnership with Suncorp Group.[23][24][4] Trōv partnered with AXA for coverage in the UK.[17][18][6] In September 2016, Trōv reached an agreement with Munich Re to expand its insurance coverage in the U.S.[25]

On April 7, 2017, Trōv closed a $45 million Series D funding round led by HSB Ventures, with participation from Oak HC/FT, Suncorp Group, Guidewire, Anthemis, and Japanese insurance giant Sompo Holdings. In 2019, Trov secured further funding from Sompo bringing total funding to just over $114 million.[26][27]

As of February 23, 2022, Trōv has been acquired by Travelers Insurance group and has ceased to operate under its own brand.[28]

References[edit]

  1. ^ Steve Rosenbush (April 7, 2016). "The Morning Download: Tech Spending Declines Amid Shift to Digital Business". The Wall Street Journal. Retrieved January 23, 2017.
  2. ^ a b Quentin Hardy (April 6, 2016). "Technology Transforms How Insurers Calculate Risk". The New York Times. Retrieved January 23, 2017.
  3. ^ "Trōv Closes $25.5M Series C Funding". Fin SMS. April 26, 2016. Retrieved January 23, 2017.
  4. ^ a b "Swipe right to turn on and off protection for individual items". Finder. May 29, 2016. Retrieved January 23, 2017.
  5. ^ a b Gina Hall (April 26, 2016). "Insurance platform Trōv raises $25.5M to cover losses for millennials". Silicon Valley Business Journal. Retrieved January 23, 2017.
  6. ^ a b c d Gabriel Avner (April 26, 2016). "Trōv raises $25.5M Series C to launch mobile insurance platform". Geek time. Retrieved January 23, 2017.
  7. ^ Terry Gangcuangco (December 4, 2019). "Halifax Home Insurance turns to Trov technology". Insurance Business Mag. Retrieved June 1, 2020.
  8. ^ Unknown (October 31, 2019). "Trov partners with Suncorp for auto & mobility insurance in Australia". Intelligent Insurer. Retrieved June 1, 2020.
  9. ^ Lyle Adriano (March 12, 2020). "Trov selected to provide on-demand insurance for electric rideshare company Zerology". Insurance Business America. Retrieved June 1, 2020.
  10. ^ Darrell Etherington (December 19, 2017). "Waymo teams with Trov on passenger insurance for self-driving service". TechCrunch. Retrieved June 1, 2020.
  11. ^ Sharon Goldman (March 19, 2020). "Trov uses real-time electric vehicle data to address car-sharers risk". Digital Insurance. Retrieved June 1, 2020.
  12. ^ Julie Walmsley (March 27, 2019). "On-Demand Insurance Concept Trōv Picks Up Big European Client". Digital Insurance. Retrieved June 1, 2020.
  13. ^ Alastair Walker (June 25, 2019). "Gadget Specialist Trov Suspends UK On-Demand App; Re-thinks, Re-Groups". Insurance Edge. Retrieved June 1, 2020.
  14. ^ LAURA MULLAN (April 12, 2019). "Top 10 insurtech companies". FinTech Magazine. Retrieved June 1, 2020.
  15. ^ a b Ruth Liew (April 27, 2016). "Suncorp buys equity in tech start-up Trōv". The Sydney Morning Herald. Retrieved January 23, 2017.
  16. ^ Bethan Moorcraft (July 3, 2018). "Trōv launches on-demand insurance policy in the US". Insurance Business Magazine. Retrieved June 1, 2020.
  17. ^ a b c d Jordan Crook (April 26, 2016). "With $25.5M in new funding, Trōv launches on-demand insurance for individual items". Tech Crunch. Retrieved January 23, 2017.
  18. ^ a b Martin Bryant (April 26, 2016). "Trōv may have just made insurance something you'll enjoy". The Next Web. Retrieved January 23, 2017.
  19. ^ a b Michelle Avenant (May 30, 2016). "App helps users get instant, tailored insurance". IT Web. Retrieved January 23, 2017.
  20. ^ Choon Yan (April 3, 2016). "The insurance tech equation". Tech Crunch. Retrieved January 23, 2017.
  21. ^ Dan Primack (April 26, 2016). "Term Sheet -- Tuesday, April 26". Fortune. Retrieved January 23, 2017.
  22. ^ Peter G. Colis (April 16, 2016). "The new-world insurance agent". Tech Crunch. Retrieved January 23, 2017.
  23. ^ Ester Han (May 30, 2016). "On-demand insurance Trōv launches in Australia targeting Generation Y". The Sydney Morning Herald. Retrieved January 23, 2017.
  24. ^ Gina Hall (April 26, 2016). "Insurance platform Trōv raises $25.5M to cover losses for millennials". Silicon Valley Business Journal. Retrieved January 23, 2017.
  25. ^ Michael Thrasher (September 8, 2016). "Munich Re Partners With Trōv To Bring On-Demand Insurance To The U.S." Forbes. Retrieved January 23, 2017.[dead link]
  26. ^ BRoger Baird (August 8, 2019). "Lloyds in insurance joint venture with US start-up Trov". AltFi. Retrieved June 1, 2020.
  27. ^ AIP News Bureau (December 12, 2019). "Trov and Sompo Partner to Expand Global Mobility Solutions". Asia Insurance Post. Retrieved June 1, 2020.
  28. ^ Kaitlyn Mattson (February 23, 2022). "Travelers acquires Trov technology". Digital Insurance. Retrieved August 8, 2022.
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