Insurtech Trov has launched its end-to-end digital renters insurance application.
Brought to market by Halifax Home Insurance, part of Lloyds Banking Group, the product provides blanket coverage. This includes items in the home, on-demand insurance for individual items taken out of the home and also liability and emergency accommodation cover.
Renters are able to activate the base home coverage as a monthly subscription then turn protection on or off for individual items. No agent involvement is required.
In addition, Trov holds an all-digital claims experience that allows users to submit, track, communicate and settle claims.
This is Trov’s third white-label product and arrives after its auto and mobility product in October 2019.
“By combining an affordable monthly subscription policy with on-demand coverage for personal items, Halifax Renters powered by Trov delivers a modern all-digital experience with unsurpassed flexibility, speed, and convenience,” said Scott Walchek, Trov CEO/founder. “Our white-label applications are purpose-built to empower incumbents around the globe to rapidly introduce all-digital insurance products designed to meet the expectations of today’s consumer.”
Jeremy Ward, head of home insurance at Lloyds Banking Group, added: “Working with Trov, we’re taking the hassle out of home insurance for renters, giving them peace of mind that their belongings are covered should the worst happen.”
Trov and Lloyds
Launched on the “Powered by Trov” insurtech platform, it aimed to enable firms to release solutions for homeowners, renters, motorists, and SMEs. The products are designed to be quickly utilised by financial organisations and insurers.
In addition, Trov and Lloyds will release an insurance product later in 2019 designed with the lifestyle of modern UK consumers in mind.
The Powered by Trov platform is made up of four core insurtech modules. These are Policy Sales, Claims, CRM, and Business Intelligence. These are the building blocks of the white-label insurance product line.
With the launch of Powered by Trov, the San Francisco-headquartered technology firm seeks to establish itself as a preferred partner for enterprise. The white-label products are supposed to innovate with little to no integrate with legacy infrastructure.