Trov
 | |
| Founded | 2012 |
|---|---|
| Founders | Scott Walchek, Mark Dowds & Jim Gemmell |
| Headquarters | San Francisco, California[1] |
| Services | Mobile applications |
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]
Trōv's consumer app offered insurance for individual items that could be toggled on and off using "micro-duration policies".[16][17][18] The application allowed users to track their possessions using a photograph or an item or receipt and was backed up to the cloud.[19] Trōv partnered with insurance carriers based on geographic region to offer coverage for consumer's belongings protected through the app.[16][6][18]
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.[16][20] As of 2016, Trōv has raised $39.2 million in total funding.[5][6][14] The original cloud-based application was limited to personal inventory and tracking the value of possessions.[21] Following the funding round, Trōv launched its mobile insurance platform in Australia in May 2016 through a partnership with Suncorp Group.[22][23][4] Trōv partnered with AXA for coverage in the UK.[16][17][6] In September 2016, Trōv reached an agreement with Munich Re to expand its insurance coverage in the U.S.[24]
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.[25][26]
As of February 23, 2022, Trōv has been acquired by Travelers Insurance group and has ceased to operate under its own brand.[27]
References
[edit]- ↑ Steve Rosenbush (April 7, 2016). "The Morning Download: Tech Spending Declines Amid Shift to Digital Business". The Wall Street Journal. Retrieved January 23, 2017.
- 1 2 Quentin Hardy (April 6, 2016). "Technology Transforms How Insurers Calculate Risk". The New York Times. Retrieved January 23, 2017.
- ↑ "Trōv Closes $25.5M Series C Funding". Fin SMS. April 26, 2016. Retrieved January 23, 2017.
- 1 2 "Swipe right to turn on and off protection for individual items". Finder. May 29, 2016. Retrieved January 23, 2017.
- 1 2 Gina Hall (April 26, 2016). "Insurance platform Trōv raises $25.5M to cover losses for millennials". Silicon Valley Business Journal. Retrieved January 23, 2017.
- 1 2 3 4 Gabriel Avner (April 26, 2016). "Trōv raises $25.5M Series C to launch mobile insurance platform". Geek time. Retrieved January 23, 2017.
- ↑ Terry Gangcuangco (December 4, 2019). "Halifax Home Insurance turns to Trov technology". Insurance Business Mag. Retrieved June 1, 2020.
- ↑ Unknown (October 31, 2019). "Trov partners with Suncorp for auto & mobility insurance in Australia". Intelligent Insurer. Retrieved June 1, 2020.
- ↑ Lyle Adriano (March 12, 2020). "Trov selected to provide on-demand insurance for electric rideshare company Zerology". Insurance Business America. Retrieved June 1, 2020.
- ↑ Darrell Etherington (December 19, 2017). "Waymo teams with Trov on passenger insurance for self-driving service". TechCrunch. Retrieved June 1, 2020.
- ↑ Sharon Goldman (March 19, 2020). "Trov uses real-time electric vehicle data to address car-sharers risk". Digital Insurance. Retrieved June 1, 2020.
- ↑ Julie Walmsley (March 27, 2019). "On-Demand Insurance Concept Trōv Picks Up Big European Client". Digital Insurance. Retrieved June 1, 2020.
- ↑ Alastair Walker (June 25, 2019). "Gadget Specialist Trov Suspends UK On-Demand App; Re-thinks, Re-Groups". Insurance Edge. Retrieved June 1, 2020.
- 1 2 Ruth Liew (April 27, 2016). "Suncorp buys equity in tech start-up Trōv". The Sydney Morning Herald. Retrieved January 23, 2017.
- ↑ Bethan Moorcraft (July 3, 2018). "Trōv launches on-demand insurance policy in the US". Insurance Business Magazine. Retrieved June 1, 2020.
- 1 2 3 4 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.
- 1 2 Martin Bryant (April 26, 2016). "Trōv may have just made insurance something you'll enjoy". The Next Web. Retrieved January 23, 2017.
- 1 2 Michelle Avenant (May 30, 2016). "App helps users get instant, tailored insurance". IT Web. Retrieved January 23, 2017.
- ↑ Choon Yan (April 3, 2016). "The insurance tech equation". Tech Crunch. Retrieved January 23, 2017.
- ↑ Dan Primack (April 26, 2016). "Term Sheet -- Tuesday, April 26". Fortune. Retrieved January 23, 2017.
- ↑ Peter G. Colis (April 16, 2016). "The new-world insurance agent". Tech Crunch. Retrieved January 23, 2017.
- ↑ Ester Han (May 30, 2016). "On-demand insurance Trōv launches in Australia targeting Generation Y". The Sydney Morning Herald. Retrieved January 23, 2017.
- ↑ Gina Hall (April 26, 2016). "Insurance platform Trōv raises $25.5M to cover losses for millennials". Silicon Valley Business Journal. Retrieved January 23, 2017.
- ↑ 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]
- ↑ BRoger Baird (August 8, 2019). "Lloyds in insurance joint venture with US start-up Trov". AltFi. Retrieved June 1, 2020.
- ↑ AIP News Bureau (December 12, 2019). "Trov and Sompo Partner to Expand Global Mobility Solutions". Asia Insurance Post. Retrieved June 1, 2020.
- ↑ Kaitlyn Mattson (February 23, 2022). "Travelers acquires Trov technology". Digital Insurance. Retrieved August 8, 2022.