On-Demand Insurance Agency Trōv Expands Into U.S., Launches in Arizona

Trōv, a global on-demand insurance agency, has expanded into the United States, starting with insurance for single items in the state of Arizona.

Munich Re’s Digital Partners provides underwriting capital through its global strategic alliance with Trov.

The company’s Arizona launch signals the beginning of its U.S. roll-out, with additional states planned for later in 2018.

Trov had planned to launch in the U.S. during 2017 but those plans were delayed while it obtained approval from state regulators. Trov said its on-demand Insurance policy has now been approved in 44 states.

Trov said it worked with U.S. regulators to re-engineer its insurance policy for American consumers. Trōv’s consumer application enables people to insure single items including cameras and digital devices, for just the period of time they need, entirely from their mobile device.

Last December Trov announced it would in 2018 also begin offering trip insurance for passengers using Waymo’s soon-to-be launched self-driving, ride-hailing service in Phoenix. The company said it plans more mobile transportation products.

Coverages takes effect immediately after a user turns protection on and can be turned off at any time –allowing users to pay only for the coverage they use. Items are protected against accidental damage, loss, mechanical breakdown, and theft anywhere in the world.

The Trōv U.S. offerings include Trōv’s new Smart Premium, which regularly decreases a user’s monthly premium based on the changing value of the items protected by continuously tracking the retail replacement value of items in its catalog.

Building upon its offerings in the United Kingdom and Australia, Trōv has also expanded the breadth of items that can be covered beyond everyday consumer electronics and photography gear to include new categories including selected items across sports and musical equipment, with more products being added through the year.

Trōv maintains its offices in the San Francisco area and New York City. Trōv launched in Australia in May 2016, where it is underwritten by Suncorp, and the U.K. in December 2016, where AXA is its underwriting partner.

All insurance in the United States is delivered by Trōv Insurance Solutions, LLC (in New York Trov Insurance Services, LLC), a licensed insurance producer.