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Trov Launches InsurTech White-Label Insurtech Platform and Partners with Lloyds Banking Group

In View Summary

Trov has partnered with Lloyds Banking Group to launch a portfolio of end-to-end digital, white-labelled insurance products designed to be rapidly deployed by financial organisations and insurers. The product is aimed at the evolving lifestyle of modern, connected UK consumers. The platform comprises of 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). The 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.

Trov’s on-demand insurance platform launches

Trov is an insurance technology platform, which empowers financial institutions and insurance incumbents to rapidly deploy modern solutions for homeowners, renters, drivers and small businesses. Its technology combines powerful software with bespoke insurance products to solve the complex risk management issues facing companies in emerging mobility and gig work. Trov’s customers include industry leaders such as Waymo, Groupe PSA, Lloyds Banking Group, and Suncorp, amongst others.

With this launch, Trov aims to establish itself as the preferred international partner for insurers and financial services enterprises seeking to go to market with innovative insurance products and capture a new generation of consumers. The platform includes advanced user experience design and on-demand coverages – allowing incumbents to innovate with no integration with legacy platforms.

Scott Walchek, Founder and CEO of Trov said, “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.”

Reported Benefits

Benefits to Customers:

  • Innovative products and services
  • Improved customer experience
  • Improved turnaround times
  • Improved accessibility

Benefit to the Insurer:

  • Innovative products and services
  • Improved customer engagement
  • Improved turnaround times
  • Withstand growing non-traditional competition

The Digital Insurer's View

Growing non-traditional competition has been a recurrent threat to the traditional incumbents that have not been able to keep up with the recent technology surge, because of legacy system issues.

Technology platforms like Trov’s, will help incumbents to innovate new products and services rapidly as it allows them to easily integrate the platform into their existing infrastructure.

References

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