The insurtech aims to capture a growing market that chooses on-demand vehicle services over ownership, offering insurance across a range of mobility options
Insurtech start-up Trov is expanding its reach with the launch of a new insurance product to cover users of both traditional and new mobility vehicles in Australia.
The product — codenamed Pilgrim — will be underwritten by long-term partner Suncorp and sold through an app based on the start-up’s white-label “Powered By Trov” platform.
The launch announcement comes after Trov expanded the reach of its insurance software by partnering with Lloyd’s Bank in early August this year — signalling a desire to partner with businesses that give it access to the financial services market.
Trov founder and CEO Scott Walchek said: “Traditional auto insurance is being challenged by the changing shape of modern mobility.
“The insurance solution being released by our long-time partner Suncorp is purpose-built to meet the evolving needs of today’s commuter.
“The expansion of our Powered by Trov platform follows on the heels of our recent announcement with Lloyds Banking Group and reflects the market’s growing appetite for full-service digital applications designed for today’s connected consumer.”
Suncorp has been an investor in Trov since its Series C round in 2016, partnering with the San Francisco-based start-up to launch flexible cover for electronic items in Australia in the same year.
Suncorp sees Trov on-demand insurance as a route to insuring new mobility vehicles
Pilgrim will be the second insurance product to come out of the partnership between Trov and Suncorp.
Nick Heggie, executive manager of commercial partnerships said: “Suncorp and Trov have a strong relationship built over many years of collaboration on the design and development of new insurance products utilising the Trov technology platform.
“We are currently in the final phase of trialing our mobility insurance product that we are excited to launch at scale next year.
“We know consumers expect simple, engaging and rewarding experiences in everything they do. This new product will do this by evolving traditional auto insurance to include cover and rewards for different forms of mobility that are now an integral part of our customers’ lives.
“We are excited to expand our partnership with Trov, and together explore how we can better meet our customers’ changing needs in the mobility space.”
How will Pilgrim work?
According to a blog post about the new product launch, Pilgrim won’t follow the pay-per-mile model of Metromile or the pay-as-you-drive concept of Root Insurance — with Walchek calling these “variations on the auto insurance that’s been around since 1925”.
Instead Trov aims to address the fact that most analysts, according to him, predict at least a 70% reduction over the next decade or so in motor vehicle ownership worldwide.
“With Pilgrim, users get an intuitive mobile journey to quote, bind, maintain, and claim for personal automobile protections,” Walchek adds.
“But that’s simply table stakes. Pilgrim employs unique technologies to identify when its users choose different transportation types (i.e. bike, scooter, ferry, train, bus, etc), and adds gamification techniques combined with behavioural motivations to provide coverages tailored to personal transportation preferences.”