US-based Trov claims that the fully digital application offers renters insurance as a flexible subscription along with an on-demand cover for individual items
Image: Trov joins forces with Lloyds Banking to introduce digital renters insurance application in UK. Photo: courtesy of Trov Insurance Solutions, LLC.
Trov has joined forces with Lloyds Banking Group’s Halifax Home Insurance to launch its end-to-end digital renters insurance application in the UK market.
According to the US insurtech company, the population of renters in the UK has grown from 2.8 million in 2007 to 4.5 million in 2017, of which two-thirds are without any insurance for their possessions.
The company said that the new insurance product includes blanket coverage for household items, on-demand insurance for individual items taken outside the home, and also liability and emergency accommodation cover.
Lloyds Banking Group home insurance head Jeremy Ward said: “Working with Trov, we’re taking the hassle out of home insurance for renters, giving them peace of mind that their belongings are covered should the worst happen.”
Trov claims that its technology gives renters the ability to activate the base home coverage as a monthly subscription. Apart from that, renters can turn protection on or off for individual items easily, all from a connected device, and without involving any agent.
The insurtech company said that it is providing a complete digital claims experience to enable the users to submit, track, communicate and settle a claim easily.
Halifax Home Insurance is also said to have adopted the company’s back-office modules to manage the product effectively. Included in the back-office suite are Trov’s customer relationship manager and a claims agent interface apart from a business intelligence application for financial reporting and performance analytics.
Trov CEO/founder Scott Walchek said: “By combining an affordable monthly subscription policy with on-demand coverage for personal items, Halifax Renters powered by Trov delivers a modern all-digital experience with unsurpassed flexibility, speed, and convenience.
“Our white-label applications are purpose-built to empower incumbents around the globe to rapidly introduce all-digital insurance products designed to meet the expectations of today’s consumer.”
Recently, the company announced a partnership with Suncorp Group in a move to roll out digital auto and new mobility cover in Australia.
In August 2019, the insurtech company launched a portfolio of end-to-end digital, white-labelled insurance products designed to be deployed rapidly by insurers and financial organisations.
Called ‘Powered by Trov’ the platform is made up of four core insurtech modules, that include policy sales, claims, customer management, and business intelligence.