Trov, a U.S.-based insurtech company, announced earlier this week that it is expanding its presence in the UK by offering digital renter’s insurance. The company also revealed a new wave of consumers that will offer digital insurance that is powered by its technology, which includes Love to Rent, OpenBrix, Moovshack, Utilita and Movinghub.
Trov further reported that its existing UK partner Lloyds Banking Group has expanded with Trov beyond its Halifax branded Renters Insurance product to launch Flexible Contents Insurance, a product under the Lloyds Bank brand, designed for renters, tenants, and homeowners. The company formed its partnership with Lloyds Banking Group in 2019 to launch its digital renters insurance product, brought to market under the Halifax brand.
“Just over a year on, and with COVID-19 increasing the relevance of flexible insurance solutions, Halifax Renters Insurance has gained momentum, consistently demonstrating strong customer satisfaction scores. Customers report the journey as being straightforward, clear and simple to navigate and in particular like how quick and easy the application process is.”
Speaking about the company’s products, Scott Walchek, Founder and CEO of Trov, added:
“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.”
Founded in 2012, Trov claims to be the world’s leading insurtech platform that empowers financial institutions and insurance incumbents to rapidly deploy modern solutions for homeowners, renters, drivers, and small businesses. Trov has notably raised more than $114 million from VC’s and strategic partners.