Insurance tech startup Trov today announced that it has closed $45 million in Series D funding led by HSB Ventures, the venture capital subsidiary of German insurance group Munich Re. The service is currently available in the United Kingdom and Australia and has plans to launch in the United States by the end of 2017.
Trov allows users to buy insurance for specific products, such as iPads or smartwatches, for a specific amount of time through their smartphones. Trov users are presented with a personalized quote and can turn insurance on and off with a simple swipe. The insurance can be for whatever length of time they need and they only have to pay for the coverage they require. Additionally, the app also allows users to file claims.
The company is just one of a growing list of insurtech startups looking to revolutionize the marketplace using digital technologies. Insurtech startups have been developing new products and services ranging from devices that collect data to systems that will automate claims management. For example, peer-to-peer insurance firm Lemonade recently launched in the United States. While, in Europe, startups such as Clark, Wefox and Knip have raised more than $60 million in funding.
“Trov’s early success in Australia and the U.K. is demonstrating that modern consumers want a new way to protect their things,” Trov founder Scott Walchek said. “With the additional capital and extensive partnerships, soon millions of people around the world will be empowered to protect the things that enhance their lives whenever and however they want.”
“Trov’s on-demand protection represents a genuine innovation in insurance for an unserved or under-insured market,” said Andy Rear, CEO of digital partners at Munich Re. “Our extensive footprint will surely help power Trov’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.”
Interestingly, Torv started life as a personal inventory app that allowed users to value and track their various possessions. The app is still available in the United States.
Today’s funding takes Trov’s total equity financing past the $90 million mark. The latest funding round included Oak HC/FT, Suncorp Group, Guidewire, Anthemis, and Japanese insurance giant Sompo Holdings.
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