On-demand insurance platform Trov has released a portfolio of end-to-end digital insurance products, alongside new partnership with Lloyd’s Banking Group.
The new services have been designed to be easily and rapidly deployed by financial organizations and insurers.
Its new solution is comprised of four core InsurTech modules including policy sales, which covers quoting, binding, billing, and adjustments. The other three areas covered are claims, client relationship management, and business intelligence.
These modules serve as the building blocks for the white-label insurance product line and can be customised for different policy types, the company states.
Alongside the launch of the new products, Trov has partnered with Lloyd’s Banking Group. Together, the enterprises will release new insurance products which will evolve the lifestyle of US consumers, it claims.
Trov founder and CEO Scott Walchek said, “The launch of Powered by Trov marks the completion of our evolution from a single direct-to-consumer offering to a suite of robust, flexible InsurTech applications that empower incumbents to offer relevant products to the latest generation of digital natives.
“We’re delighted that Lloyds Banking Group is joining us on our journey and excited to assist other financial institutions to remain competitive in the face of mounting competition by offering the types of digital insurance products their customers demand.”
The new product launches come just months after Trov expanded its operations into another eight US states, pushing onwards with its goal of covering the whole of the country. Its online services are now available in 15 US states, the UK, and Australia.
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