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January 29, 2021

Trov partners with electric car rental service UFODRIVE

By Patrick Brusnahan

Insurtech Trov has partnered with electric car rental service UFODRIVE to power its fleet in the UK.

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Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
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Trov’s Mobility Platform will aid the UFODRIVE team to monitor, manage, and mitigate their insured and uninsured risks. This is also combined with context-based commercial insurance, managed by UK Insurance Business Solutions under NIG, both part of the Direct Line Group.

UFODRIVE is an all-electric, user-friendly, digital, sustainable car rental platform headquartered in Luxembourg. Furthermore, it operates in the UK, Germany, Belgium, Ireland, Netherlands, France, and Austria. A move into the US is also planned.

“The team at Trov have been able to develop an insurance programme to suit our unique needs,” stated Jonathan Shine, who heads up UFODRIVE’s UK business.

“By complementing our coverage with Trov’s Risk Operations Technology, we have put in place a solution for optimum vehicle utilisation and uptime – a critical ingredient for success in 2021.”

“This partnership with UFODRIVE is the first of, hopefully, many for Trov within the UK market and highlights the vital convergence of the future of transportation with the future of insurance. We’re delighted to help them manage their holistic risk effectively, so they can focus on bringing more sustainable transport options to consumers and businesses in London and beyond,” said Ed Axon, global head of business development at Trov.

In March 2020, Mobility Transformation, a parent company of Zerology, selected Trov to deliver data-driven insurance product for electric vehicle fleet.

Zerology will leverage Trov’s Mobility Insurance Platform to power its carshare fleet of Tesla Model 3’s in Madison, Wisconsin.

Under the arrangement, anonymised vehicle data from Zerology’s Tesla fleet will be used by Trov to address the complex risk management challenges Zerology is facing.

Trov’s technology will be integrated with Zerology’s fleet.

Following the integration, Zerology will be the first company to use individual Tesla vehicle data to inform an on-demand commercial insurance offering.

Free Report
img

Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
Improve your business strategy with our extensive report. Download it for free, now.
by GlobalData
Enter your details here to receive your free Report.

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