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.”