Trov, an on-demand insurance startup, is revving up plans to enter the U.S. market in 2017, by way of a partnership with Munich Re.
Munich Re, one of the world’s largets reinsurers, says it intends to provide underwriting capital and insurance licensing for Trov in the U.S. marketplace.
Plans call for phasing in Trov’s on-demand insurance into all 50 states beginning in 2017, allowing users to cover electronics, photography, sports equipment and other valuable items, Trov said in its announcement.
The San Francisco-based Trov raised $39 million in April toward development and launch of its platform, which lets consumers insure valuable items and then turn the coverage on and off as needed, by way of a finger swipe on their smartphone.
Investors Back Trov, On-Demand Platform for ‘Insurable Moments’ and Items, with $39M
Coverage initially launched in Australia last May, thanks to a partnership with the insurer Suncorp. Trov said that the product proved particularly popular with customers ages 18 to 34, suggesting that a similar audience would be interested in the U.S.
Before the U.S. launch can happen, however, Trov plans to start offering coverage in the U.K. before the end of 2016, by way of a partnership with AXA.
The Trov mobile app, minus on-demand insurance, can be downloaded for free in the U.S. on iOS and Android. Trov said the app lets users add and back up their possessions by taking a picture of an item or searching the product database.
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