A fintech start-up currently operating in the UK and Australia will be expanding to the US and Japan after raising millions of dollars.
Trov, a company which aims to bring on-demand services to property-casualty insurance, raised $45 million for the expansion, according to the Wall Street Journal. The company launched last year in the UK and Australia.
Trov provides coverage for single items of personal property, according to the Journal. Coverage can be turned on and off straight from a customer’s smartphone, and premiums are calculated based on the individual items insured – unlike homeowners' or renters' insurance, which provides blanket coverage.
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“From binding a policy to making a claim, the consumer doesn’t have to speak to anybody,” CEO Scott Walchek told the Journal. Trov unbundled insurance, Walchek said, much like Apple’s iTunes unbundled individual songs from albums.
Trov attorney Tim Moroney hasn’t given specifics on how the company will structure its policies in the US, since it is still filing with various state regulators, the Journal reported.
Investors in the company include German reinsurance powerhouse Munich Re. With the latest investment, the company has raised more than $85 million in equity.