The Travelers Companies, a property and casualty insurance firm, has acquired the technology of Trōv for an undisclosed sum.
As per the agreement, the majority of Trōv’s team members have also joined Travelers.
Over the last several years, Trōv has worked to launch digital solutions such as on-demand insurance, claims-chat, micro-duration policies, and all-digital user experiences.
The most recent addition to Trōv’s portfolio includes an embedded insurance platform, public APIs, and developer support tools.
Trōv’s APIs and white-label software enable clients to deploy P&C insurance solutions in home, renters, auto, pet, small business, and mobility markets.
Travelers president of personal insurance Michael Klein said: “This is yet another example of how we are investing to enhance the experience for our customers, agents and partners. We are excited about the important innovation we have underway, and Trōv’s sophisticated technology and talented team will help accelerate our ongoing efforts to provide customers with personalized solutions in their channel of choice.”
Trōv’s embedded insurance technology and the team will be integrated within Travelers’ Personal Insurance segment.
Trōv founder and CEO Scott Walchek said: “Over the past several years Trōv has reimagined many components of the insurance value chain. Travelers is the ideal company to harness our experience and take our technology to the next level. All of us are leaning into this opportunity with enthusiasm.”