Trov to launch Personal Auto & Mobility Insurance
Trov , “a global leader in insurance technology,” is announcing the upcoming launch of an “innovative” Personal Auto & Mobility Insurance product built on its Powered by Trov platform. The product will launch in the coming months in partnership with Suncorp Group, a long-term Trov partner, in the Australian market.
The new Personal Auto & Mobility Insurance application – internally codenamed Pilgrim – is designed to align with the evolving behaviors of car owners who have a growing number of options when choosing the way they get around. With Pilgrim, users get an “intuitive mobile journey” to quote, bind, maintain, and claim for personal automobile protections. Pilgrim employs unique technologies to identify when its users choose different transportation types (i.e. bike, scooter, ferry, train, bus, etc), and adds “gamification techniques combined with behavioral motivations” to provide coverages tailored to personal transportation preferences.
“It seemed obvious to us that traditional auto insurance is out of sync with the shape of modern personal mobility. From bike- and scooter-share platforms to ride-hailing and car-sharing, today’s city-dweller has a wide variety of transportation alternatives. And in greater numbers, many are choosing to leave their cars at home and get around utilizing these growing platforms. The abundant selection of transportation modalities is changing the way insurers think about risk, and new coverage models such as pay-per-mile (Metromile) and pay-how-you-drive (Root) are making incremental progress. But, these new insurance models are just variations on the auto insurance that’s been around since 1925.” – Scott Walchek, CEO and founder of Trōv.
“Suncorp and Trov have a strong relationship built over many years of collaboration on the design and development of new insurance products utilizing the Trov technology platform, including on-demand single item cover. We are currently in the final phase of trialing our mobility insurance product that we are excited to launch at scale next year. We know consumers expect simple, engaging and rewarding experiences in everything they do. This new product will do this by evolving traditional auto insurance to include cover and rewards for different forms of mobility that are now an integral part of our customers’ lives. We are excited to expand our partnership with Trov, and together explore how we can better meet our customers’ changing needs in the mobility space.” – Nick Heggie, Commercial Partnerships, Suncorp.