Hot Insurance Startup Trov to Launch in the U.S.

  • JJ Hornblass
  • September 9, 2016
  • 0

canstockphoto39836958Trov, an innovative insurance startup from Australia, will launch in the United States before the end of 2017, the company said yesterday.

The U.S. launch is being made possible by a deal announced yesterday with Munich Re, the German reinsurance provider.

Trov (pronounced Trove — officially, there is macron on top of the O) is arguably one of the most interesting insurance startups to launch in recent years. Trov provides what it calls “on-demand” insurance. Rather than insure all of a consumer’s property, Trov offers insurance via mobile device for individual assets, say for a consumer’s bike and computer. Trov lets the consumer turn on and off that coverage at will, nearly as easily as turning on and off wifi.

Trov is already available in Australia through a partnership with Suncorp. A company official said Trov would also launch in the UK soon.

Munich Re lets Trov “use its balance sheet.” In other words, Munich Re is the backstop capital provider to the insurance coverage Trov extends. Suncorp, which has invested in Trov, provides a similar function in Australia. The German reinsurer has more than $300 billion on its balance sheet.

Trov has raised about $46 million since its launch in 2012, according to Crunchbase.

Yes, insurtech has been a hot corner of fintech this year, but Trov has a wildly intriguing business model. That must be one of the reasons why Goldman Sachs invited the company to present to its investor-clients yesterday in New York.

Check out the new Trov demo/promo video below.

Get more innovation at Bank Innovation Israel, November 1-3. Click here for details.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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