Posted on August 8, 2019 by staff

InsurTech platform partners with Lloyds Banking Group


InsurTech platform Trov has announced a partnership with Lloyds Banking Group to launch a digital insurance product for UK consumers.

The UK retail financial services provider will partner with Trov, and later in 2019 will release a new insurance product which it said is “designed around the evolving lifestyle of modern, connected UK consumers”.

The San Francisco-headquartered tech company, founded in 2012, hopes to establish itself as the preferred international partner for insurers and financial services enterprises seeking to go to market with insurance products.

Its InsurTech platform is used by financial institutions and insurance incumbents to deploy solutions for homeowners, renters, motorists and small businesses.

Its technology-enabled brokerage combines l software with insurance products, with the aim of solving risk management issues faced by companies in emerging mobility and gig work.

Trov’s existing customers include Waymo, the Alphabet self-driving car firm previously run by Google, leading European car manufacturer Groupe PSA, and Australian financial services firm Suncorp.

It has also announced the launch of a portfolio of end-to-end digital, white-labelled insurance products.

“We’re excited to explore how Lloyds Banking Group can better meet our customers’ changing needs,” said Jeremy Ward, home insurance commercial director at Lloyds Banking Group.

“Modern consumers expect simple, engaging experiences in anything they do, and we’re looking forward to launching innovative new products to give our customers that kind of experience.”

Scott Walchek, Founder and CEO of Trov, added: “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.”