Trov, 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.
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