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Trōv – World’s First On-demand Insurance for Things You Own

In View Summary

Trov will be participating in our next webinar taking place on 13th April where you will be able to hear more about their product/model.  Register below

Register for the webinar


Trōv is an on-demand insurance app for personal possessions.

Trōv’s objective is to unlock the value of your physical assets by digitally recording their value and status. According to the Trōv team, “your insurance should be as unique as you are, and it should empower you to live life without worrying“. Keeping this in mind, they have created Trōv Protection, a flexible and hassle-free on-demand insurance product whereby users are able to insure just the things they want, exactly when they want, entirely from their phone.  Rick Huckstep, Editor and MD of The Digital Insurer in Europe also wrote a comprehensive piece on Trov in 2015 on how Trov works and tested it out himself.

The Trōv mobile app is designed to deliver an entirely dis-intermediated insurance experience through the smart phone. Specifically, the app collects data about your things, aggregates it into a list, then provides machine enhanced risk pricing for single item coverage. Trōv provides micro-duration policies (down to the second), charges micro-premiums (down to the cent) and uses chat robots to manage claims.

Trōv has developed valuation algorithms partnerships and applications to parse petabytes of raw data about every tangible asset users possess. The core of the
 Trōv platform is a cloud based online digital locker where the information about property and possessions is stored and securely managed. As purchases are added, and as values change within the Trōv, the member can choose to have his or her advisers automatically notified to ensure the items are always accounted for and adequately protected.

According to Scott Walchek, the CEO and Founder of Trōv: “Insurance today is bogged down by heavy process and forms, often requiring the need to talk directly to a person. By moving the entire process to the phone we’re making getting insurance as simple as a ‘1-click’ Amazon purchase. What’s more, claims can be as simple as a quick text message exchange with reimbursement or shipping of a replacement item happening in minutes – instead of days or weeks.

Reported Benefits

Benefit to Customers

  • Ease , speed and simplicity of use – friction-free user experience
  • Unprecedented control over information about personal property
  • Complete view of wealth – financial and non-financial
  • Simplifies and centralizes property management
  • Unprecedented visibility into changing asset values
  • Integration at point-of-sale, retailer, and manufacturer

Benefit to the Insurer

  • Access to new market segments
  • Command of large data sets which can be leveraged for future commercial benefits
  • Trust building and fraud mitigation
  • Cost saving due to dis-intermediated process
  • Competitive differentiation through customer centric approach

The Digital Insurer's View

With a clear focus on the emerging generations of digital natives and by letting them choose just the things they care to protect, Trōv on-demand insurance will completely redefine the way people will look at insurance in the future. Trōv is targeting to mobile savvy Millennials, who still see insurance as complex and confusing product that is too hard to buy even in the digital age. This is the reason the Trōv team has built a 100% mobile driven UX to drive ongoing engagement with the younger generation. It is this user experience that is going to be the real differentiator for Trōv. Unlike other personal lines insurers, Trōv is betting on this need based product, delivered through a seamless mobile interface to sustain its business model. The question becomes whether their model can successfully scale.

Trov will be participating in our next webinar taking place on 13th April where you will be able to hear more about their model.  Register below

Register for the webinar



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