Australia: Device insurance platform Trov closes $45m Series D led by Munich Re arm

Visual of Trov homepage. April 2017

Trov, a technology-enabled, on-demand device insurance platform, has closed a $45 million Series D funding round led by Munich Re/HSB Ventures, the venture capital (VC) arm of reinsurer Munich Re.

With this, the aggregate equity funding into the company is in excess of $85 million.

All of Trov’s Series C investors participated in the round including Oak HC/FT, ASX-listed Suncorp Group, NYSE-listed Guidewire, and Anthemis. Sompo Holdings (SOMPO), who will bring Trov to Japan, also joined the round.

Trōv allows customers to purchase insurance for their electronics, such as camera gear. With the latest funding, this will cover a broader array of product categories, market expansion and the development of new applications.

The use of on-demand insurance for devices presented an unserved and under-insured market with significant potential, given the proliferation of smart devices.

Trov is available on the iOS and Android platforms in the UK and Australia. Via simple swipes and taps, users can view a personalised quote and can instantly turn insurance on (or off) for individual items, for whatever length of time they need.

This allows specificity in insurance coverage. The app is built on a cloud-native insurance platform, which features micro-duration policies, algorithmic pricing, integrated billing, and intelligent bot-assisted claims. Users can easily add their possessions by snapping a photo of an item/receipt, forwarding an electronic receipt or searching the product database.

Jacqueline LeSage Krause, Managing Director, Munich Re / HSB Ventures, said, “We are constantly working to find innovation-driven companies to help shape the future of our industry, and we’re excited to be working closely with the team at Trov as they expand their presence in the global insurtech market.”

In addition to its investment, Munich Re is expanding its strategic alliance to include underwriting throughout Europe, Asia and South Africa.  Additionally, SOMPO is investing in the financing round through SOMPO’s wholly owned subsidiary Sompo Japan Nipponkoa and partnering with Trov to offer its on-demand insurance exclusively throughout Japan.

Scott Walchek, CEO and Founder of Trov, comments: “Trov’s early success in Australia and UK is demonstrating that modern consumers want a new way to protect their things.”

Also Read: 

Australian insurer IAG launches insurtech hub in Singapore

Ping An Insurance targets Japan as it seeks to diversify outside China

Insurance-tech will face regulatory barriers in Asia: Samuel Hall, Startupbootcamp Fintech

Singapore: NTUC Income, Infocomm Investments launch insurtech accelerator

China’s Fosun leads $16.6m round into UK telematics specialist The Floow

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.