Trov provides an on-demand insurance platform that lets users insure single items directly from their mobile devices. Led by CEO and founder Scott Walchek, the company partners with local insurance providers who supply underwriting capital and primary insurance licensing. Trov launched in Australia in May 2016 (underwritten by Suncorp) and in the UK in December 2016 (underwritten by AXA), and plans a U.S. launch in 2017 as an MGA with Munich Re providing underwriting. The company’s app is available for free on iOS and Android in the UK and Australia. With the new financing, Trov intends to bring its platform globally, expand the categories of items it covers, and accelerate development of new applications. The Series D increases the company’s total funding to just over $85m. Trov provides on-demand, item-level insurance through a mobile app that generates metadata from make and model to price coverage to the second. Users can turn protection on and off with a swipe and file claims via the app; claims handling is routed through a chatbot. Carriers provide the balance-sheet and regulatory backing while premiums and claims are processed through Trov’s platform. Trov began as a digital inventory tool for personal possessions and has operated for more than a year prior to this product launch. The company is piloting launches in Australia (in partnership with Suncorp Group) and the UK (with Axa as an insurance provider) and plans to expand to the United States and other territories. It recently closed new funding to support the on-demand insurance launch. Trov provides a mobile app that connects people to information and insights about the things they own, letting users reference receipts, track market value, and find opportunities to insure possessions. The service is powered by proprietary technology and integrations with world-leading databases to make collecting purchase information automatic. All information in a Trov is owned by the user, stored securely in the cloud, and privately accessible on a mobile device. Trov is currently in public beta and is available for free on iPhone in the US and Australia; an Android version was announced as coming later this quarter. The company said the new capital will accelerate development of technology to help users take advantage of data about their things and to connect them to new insurance models. Trov is privately funded and headquartered in the San Francisco Bay Area. Trōv builds applications around a personal digital locker that collects, regularly values, and securely stores information about possessions, allowing selective sharing. Its platform connects members to partners—insurers, wealth managers, luxury retailers, auction houses, and appraisers—to deliver benefits tied to owned items. In its first year the company amassed a database of over 238,000 unique assets with a total replacement value greater than $1.2 billion and serves customers in the U.S. and U.K. Trōv is achieving initial adoption through partnerships with global property and casualty insurers, alerting policyholders and agents when possessions change in value or new items need protection. The company plans to grow its engineering team, expand its Member Benefits program, build market presence, and extend its offering into wealth management and other sectors. Trōv is privately funded and headquartered in the San Francisco Bay Area.

Total raised

$77M

Funding rounds

4

Latest round

Series D

Latest activity

Apr 2017