Trov, a global leader in embedded insurance, is continuing to expand its presence in the UK market, enabling brands to offer digital insurance products to their customers and tap additional revenue streams. With an initial focus on renters insurance distributed by proptechs, fintechs, retailers, and utilities, Trov announces a new wave of consumer brands that will offer digital insurance powered by its innovative technology, including Love to Rent, OpenBrix, Moovshack, Utilita and Movinghub.
Additionally, the company’s 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.
Embedded insurance (technology-enabled insurance products offered in the context of non-insurance applications) is revolutionising insurance distribution as popular brands are motivated to generate new revenue streams while keeping customers within their existing ecosystems.
The banking industry has seen much of its customer acquisition shift to all-digital channels, via embedded finance, and now the insurance industry is undergoing a similar change. McKinsey estimates that emerging digital ecosystems (interconnected services that enable users to fulfill a variety of needs in one integrated experience) will generate 30% of global revenue by 2025, with P&C insurance sales playing a significant role.
Trov has designed its APIs and white-label software to power this shift by providing digital ecosystems with the necessary tools, from quote to claim, to make insurance a seamlessly integrated offering within their customer applications.
Success with Halifax Renters Insurance Leads to Broader Expansion with Lloyds Banking Group
In November 2019, Trov partnered with Lloyds Banking Group and launched a first-of-its-kind 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.
This month, Lloyds Banking Group reinforced its confidence in Trov’s insurance technology by launching an all digital, flexible contents insurance product under its Lloyds Bank brand. Owing to Trov’s scalable white-label technology, the application was rapidly developed and launched, with minimal resources required. Scott Walchek, Founder and CEO, Trov, comments: “It’s exciting to work with many popular brands and empower them to offer digital insurance products with Trov’s technology.
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.”
Powering the next generation of insurance, Trov’s technology is purpose built to facilitate the seamless distribution of digital insurance products. In 2021, Trov has a strong queue of brand partners readying to launch not only renters insurance, but other (soon to be announced) P&C products.
Source: PR Newswire
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