Trov raises £36 million for its global expansion efforts

Firm, already in the UK, will focus on expansion in overseas markets

Trov raises £36 million for its global expansion efforts

Insurance News

By Mina Martin

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 (approximately £36 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.

Want the latest insurance industry news first? Sign up for our completely free newsletter service now.

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.

Related stories:
On-demand insurance app launches in the UK
Is insurance ripe for disruption?

Keep up with the latest news and events

Join our mailing list, it’s free!