Sompo increases its financial stake in Trov to launch Mobility Solutions throughout Asia
SAN FRANCISCO, Dec 10, 2019 /PRNewswire/ -- Trov, a global leader in insurance technology, is announcing a partnership with Sompo Holdings to launch Mobility Solutions, a new Powered by Trov collaboration that expands the company's mobility footprint to Asia. By combining Trov's Mobility Insurance Platform with Sompo's extensive local market knowledge and operations, the partnership is designed to address the complex risks emerging from new mobility services.
Catering to the needs of new transportation businesses such as micro-mobility, car-sharing, ride-hailing, and autonomous vehicle fleets, the partnership will leverage Trov's Vehicle Activity API to identify risks and create new experiences for the operators and customers of the mobility platforms, all based on data received from connected vehicles and devices.
Earlier this year, Sompo Holdings deepened its financial investment in Trov, and Dan Ikehata, CEO of SOMPO Digital Lab joined its Board of Directors.
"We're excited to partner with Sompo throughout key regions in Asia," said Scott Walchek, Founder and CEO of Trov. "Their influence and underwriting expertise combined with Trov's insurance technology and mobility API will bring dynamic, data-modified insurance coverages, risk management services, and new customer experiences to transportation providers and their users throughout these regions."
"With the mobility-as-a-service sector maturing, mobility businesses need a risk management and insurance service solution that meets their dynamic risk needs," said Koichi Narasaki, Group Chief Digital Officer, Executive Vice President and Executive Officer at Sompo Holdings. "By leveraging Trov's technology platform, Trov and Sompo will integrate insurance and mobility services, and dramatically change the customer experience."
This is Sompo's second engagement with Trov and follows the recent launch of single-item coverage, which is being white-labeled by Japan's leading online retailer for electronics and underwritten by Sompo.
In late 2017, Trov launched its Mobility Insurance Platform to provide tailored insurance solutions for companies disrupting the mobility space, including Alphabet's self-driving ride-hailing service, Waymo. Most recently, Trov announced it is the official insurance technology partner for Groupe PSA's (the second largest car manufacturer in Europe sold under Peugeot, Citroen, DS, Opel, and Vauxhall brands) car-sharing service, Free2Move.
For more information on Trov's Mobility Insurance Platform, visit www.trov.com/mobility.
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Trov is a world-leading insurance technology company whose software enables the new ways people live, work, and move. Its white-label insurtech products empower financial institutions, insurance incumbents and leading consumer brands to rapidly deploy modern insurance applications designed for homeowners, renters, motorists and small businesses. Additionally, its Mobility Insurance Platform combines powerful software with bespoke insurance products to solve the complex risk management challenges facing companies in emerging mobility and gig work. Trov's customers include global enterprises such as Waymo (an Alphabet Company), Groupe PSA, Lloyds Banking Group, Sompo, Suncorp, and Hyundai, amongst others.
Founded in 2012 by serial entrepreneur Scott Walchek, Trov is backed by leading VC's and strategic partners. The company is based in the San Francisco Bay Area and maintains offices in New York, London, and Tokyo. For more information, please visit www.trov.com.
About Sompo Holdings
Sompo Holdings, Inc. is a publicly listed company in Japan on the Tokyo Stock Exchange with 96 subsidiaries and 14 affiliates worldwide. The company is engaged in domestic P&C insurance, overseas insurance, domestic life insurance and nursing care & healthcare businesses. Possessing a rich history dating back to 1888, Sompo Holdings group generated annual ordinary income of over 3.6 trillion JPY (US $32 billion) on a consolidated basis and employed approximately 65,000 worldwide as of March 31, 2019. Sompo Holdings aims to transform the group businesses into a "theme park for security, health and wellbeing of customers". To accomplish this mission, the Sompo Group brings a digital strategy throughout its core businesses to create new products and services on a Group-wide basis that will contribute to the security, health and wellbeing for Sompo's customers and to society as a whole. For more information, please visit www.sompo-hd.com/en/