Trov, a U.S.-based insurtech company, announced on Thursday it is officially launching its platform that provides end-to-end digital, white-labeled insurance products designed to be rapidly deployed by financial organizations and insurers.
Along with the platform, Trov also reported it has formed a partnership with Lloyd’s Banking Group and is planning to release insurance products designed for the “evolving” lifestyle of modern, connected UK consumers.
“The Powered by Trov platform comprises four core insurtech modules, including Policy Sales (quoting, binding, billing, and adjustments), Claims (consumer and business interfaces), CRM (customer management), and Business Intelligence (conversion, engagement and risk analytics). These modules are the building blocks of the white-label insurance product line and can be configured for a variety of policy types including homeowners, renters, auto, and SMB.”
While sharing more details about the platform’s launch and partnership, Scott Walchek, Founder and CEO, Trov, stated:
“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.”
Jeremy Ward, Home Insurance Commercial Director at Lloyds Banking Group, went on to add:
“We’re excited to explore how Lloyds Banking Group can better meet our customers’ changing needs. Modern consumers expect simple, engaging experiences in anything they do, and we’re looking forward to launching innovative new products to give our customers that kind of experience.”