New innovations are driving improved consumer engagement and greater flexibility for insurers and brokers to serve their clients. Behind the scenes are constantly improving products and processes. Trōv is a great case study of proven skills with digital service.
It started out so simple …
Last summer, at the 2017 Insurance-Canada Executive Forum (#ICXF2017), we highlighted a fast rising technology Company – Trōv. Mark Dowds, Co-founder and Chief Strategy Officer, agreed to join us and help attendees understand new insurance constructs that will change the way insurance is used and delivered.
We put out a blog a year ago with Dowds helping us understand ‘on-demand’ insurance. This approach allows the customer to turn insurance on or off as required. For example, an insured may feel that home electronics are safe, but may worry about lab top computers. Trōv users can turn on replacement cost protection until the lap top is returned home.
The program received a lot of attention and trials in Australia proved that this was of interest.
One thing that Dowds emphasized: Trōv is a tech company, not an insurance-company. (We’ll see about that…)
On-demand can be demanding …
Halfway between then and now (December), we posted that Waymo, Google’s self-driving car project, announced it would introduce a commercial ride-hailing service. Waymo brought Trōv on board, with the understanding that “the future of transportation will expand beyond personal car ownership, providing opportunities to explore new trip-based insurance models.
In addition to the benefits of working with automotive, Trōv got exposure in the oh-so-important US environment. At present, Trōv’s on-demand insurance products have now been approved in 44 States.
This has benefitted consumers as well as Trōv. The Trōv release says:
Working closely with U.S. regulators, Trov has re-engineered the insurance policy to create a consumer-first experience that revolutionizes the way people protect their things, from quote through claim.
And, as much as Trōv is a technical organization, it seems pretty good at developing innovative insurance products (but I digress).
At least two things remain the same
First, Munich Re was a strong supporter from the beginning and continues to be a Trōv partner. In a recent release, Andrew Rear, CEO of Munich Re’s Digital Partners, said “Trov is one of the forerunners of insurance innovation and a strong partner for the future with their on-demand platform.”
Second, Mark Dowds will be presenting at #ICXF2018. At his session last year, he was ranked in the top 3 of 12 sessions.
Catch Mark at ICEF2018
Mark Dowds will be presenting at the 2018 Executive Forum, August 29 at the Toronto Sheraton Centre.