Embedded insurance provider Trov has announced a wave of new customer brand partnerships as it continues to grow its presence in the UK.
The company is now offer its insurance through Love to Rent, OpenBrix, Moovshack, Utilita and Movinghub.
Furthermore, Lloyds Banking Group has extended its deal with Trov, upgrading from its Renters Insurance product to launch Flexible Contents Insurance, which will be under the Lloyds Bank brand. The new feature is aimed at renters, tenants and homeowners.
Lloyds initially partnered with Trov in 2019 and launched its “first-of-its-kind” digital renters insurance product, which was brough to market under the Halifax brand.
The product had a successful year, largely caused by the coronavirus increasing the need of flexible insurance. The platform witnessed strong customer satisfaction, with customers reportedly happy about the straightforward, clear and simple manner to navigate the application process.
This spurred Lloyds to extend its relationship with Trov and launch an all-digital, flexible contents insurance product under its own brand.
Trov is currently expanding its presence in the UK by enabling brands to offer digital insurance products to their customers and reach new revenue streams. Initially, the InsurTech is aimed at renters insurance distributed by PropTechs, FinTechs, retailers and utilities.
Trov founder and CEO Scott Walchek said, “While renters insurance is one of our foundational offerings, brands that work with Trov will be able to rapidly launch a roadmap of embedded insurance products thanks to our scalable APIs and network of insurance carrier partners. Distributing insurance is complex and Trov has done the heavy lifting, simplifying this for brands, enabling them to rapidly get to market and generate recurring revenue.”
Trov offers API and white-label software to offer digital ecosystems with tools to handle insurance processes from quote to claim.
The InsurTech hopes to announce a number of other brand partners this year.
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