Founder(s): Scott Walchek
Description: Trov is a global leader in embedded insurance: connecting underwriting capacity with the new ways of distributing insurance – embedded into the user journeys of popular digital applications.
Trov was founded in 2012 by multi-exit tech entrepreneur and investor, Scott Walchek (founding director of Baidu, China’s dominant internet search engine).
Trov initially launched as a consumer app offering on-demand insurance for individual items – from laptops and mobile phones to sports equipment and jewellery – with more than 30,000 insurable items available in its database. The app was available to consumers across the US, Australia and the UK.
During the three years of a direct-to-consumer proposition, Trov had an up-close view of the ways in which consumers engaged with insurance when it was delivered to them on their mobile devices, and most of the friction was removed from the value chain; the company learned how they engage, what they care about, and the most effective journey with which to bring them immediate value.
As such, in 2019, Trov shut down its B2C platform and successfully pivoted to a B2B business model, when it partnered with Lloyds Banking Group and launched a first-of-its-kind digital renters insurance product, brought to market under the Halifax brand. As a pioneering insurtech with extensive experience, Trov is the ideal technology partner for launching and scaling a roadmap of insurance products around the globe.
Trov’s powerful APIs and white-label software enable brands to rapidly deploy modern P&C insurance solutions in home, renters, auto, pet, small business and mobility, and make insurance a seamlessly integrated offering within their customer applications. With a relentless focus on experience design, products powered by Trov have a consistent end-user NPS of over 70.
Trov’s global customers and partners include industry leaders such as Waymo, Lloyds Banking Group, Groupe PSA, Hyundai, and Honda amongst many others.
The company has spent the better part of the past 2 years engineering capabilities, securing underwriting partnerships, encoding insurance products, and developing processes in order to provide modern digital ecosystems with everything needed to make insurance a seamlessly integrated offering within their customer apps.
Today, Trov is rapidly establishing itself as a frontrunner in the growing embedded insurance sector, which is revolutionising insurance distribution as popular brands are motivated to generate new revenue streams while keeping customers within their existing ecosystems. In fact, McKinsey estimates that emerging digital ecosystems will generate 30% of global revenue by 2025, with P&C insurance sales playing a significant role.
Earlier this month, Trov announced a continued expansion in the UK, as it unveiled a new wave of consumer brands that will offer digital insurance powered by its innovative technology, including Love to Rent, OpenBrix, Moovshack, Utilita and Movinghub.
Trov has raised over $114 million from leading VC’s and strategic partners. The company is headquartered in the San Francisco Bay Area with offices in New York and London.