Major insurer unveils stake in 'world-leading' insurance platform

Major insurer unveils stake in 'world-leading' insurance platform | Insurance Business New Zealand

Major insurer unveils stake in 'world-leading' insurance platform
Suncorp has announced a US$5 million equity stake in US-based technology developer Trōv.

The insurer was the first worldwide to partner with Trov in 2014 to help install Australia as a test market for the Trōv app which has been designed to offer customers, particular millennials, instant access to insurance for single items that are dear to them such as cameras, tablets and laptops.

With the app, customers can create a digital inventory on their mobile phones and can enjoy flexibility in regards to how they insure individual items – giving them the freedom to turn their insurance ‘on’ and ‘off’ from the convenience of their mobile phones. In May, the two companies will launch an on-demand insurance platform called Trōv Protection that will be integrated into the current Trōv app.

Suncorp CEO and managing director Michael Cameron dubbed it a “world-leading platform” and said it marked a significant step forward in making insurance quicker and easier for their customers.

“The two companies identified strong customer demand for a seamless experience and have worked together to create this new platform”, he said.

Trōv founder and CEO Scott Walchek said the app will revolutionise the way people protect the things they care about.
…”In Suncorp we’ve found a partner with the vision and expertise to help introduce ‘on-demand’ insurance to the mobile consumer.”