A California-based provider of on-demand insurance for individual items has acquired new financing to support its global expansion efforts.
The company is among a growing number of tech-enabled start-ups that aim to disrupt the insurance industry.
Trov has raised $45 million from strategic investors
Munich Re HSB Ventures and Japan’s second largest insurer,
Sompo, as well as Oak HC/FT,
Suncorp Group, Guidewire, and Anthemis Group, bringing its war chest to roughly $90 million to expand its global reach, TechCrunch reported.
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The industry disruptor currently operates in Australia and the UK through agreements with Suncorp and
AXA Insurance respectively; and now with Munich Re’s backing, it is set for expansion in the rest of the world. In Japan, Munich and Sompo are working jointly on the Trov product.
The new money will also be used to finance the company’s move into new types of coverage - including autonomous vehicle insurance where people only pay for the amount of time they’re in the vehicles.
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