Financing led by Munich Re / HSB Ventures to power Trov's global expansion and new product development atop its on-demand insurance platform.
SAN FRANCISCO, April 6, 2017 /PRNewswire/ -- Trov (www.trov.com), the technology company revolutionizing insurance for the tech-empowered consumer, today announced that it has closed $45 million in Series D funding led by Munich Re / HSB Ventures, bringing its total funding to just over $85 million. All of Trov's Series C investors participated in the round (Oak HC/FT, Suncorp Group (ASX:SUN), Guidewire (NYSE:GWRE), and Anthemis). Also participating in the financing is one of Japan's leading insurers, Sompo Holdings (SOMPO), who will bring Trov to Japan.
The new capital will be used to bring Trov's on-demand insurance capability to more people around the world, expand the categories of items it covers, and accelerate the development of new applications that leverage Trov's unique technology platform.
In addition to its investment, Munich Re is expanding its strategic alliance to include underwriting throughout Europe, Asia and South Africa. Additionally, SOMPO is investing in the financing round through SOMPO's wholly owned subsidiary Sompo Japan Nipponkoa and partnering with Trov to offer its on-demand insurance exclusively throughout Japan.
With its global expansion, Trov is becoming one of the world's leading insurance technology startups, poised to revolutionize the way people protect the things that are important to them.
Scott Walchek, CEO and Founder of Trov, comments: "Trov's early success in Australia and UK is demonstrating that modern consumers want a new way to protect their things. With the additional capital and extensive partnerships, soon millions of people around the world will be empowered to protect the things that enhance their lives whenever and however they want."
"By expanding our partnership with Munich Re and adding SOMPO, we're building a stable of exceptional partners who will enable us to launch around the world with greater speed, efficiency, and local know-how. The combined capabilities of key global insurance leaders will streamline our regulatory path and increase our go-to-market effectiveness in each new territory we pursue."
Andy Rear, CEO of Digital Partners at Munich Re, adds: "Trov's on-demand protection represents a genuine innovation in insurance for an unserved or under-insured market. Our extensive footprint will surely help power Trov's rapid expansion to the most active markets around the globe. We're excited to be taking a deeper role with the industry's first global insurtech platform."
Jacqueline LeSage Krause, Managing Director, Munich Re / HSB Ventures, adds: "We are constantly working to find innovation-driven companies to help shape the future of our industry, and we're excited to be working closely with the team at Trov as they expand their presence in the global insurtech market."
Koichi Narasaki, Group Chief Digital Officer, SOMPO, adds: "SOMPO Group is transforming itself into the whole service industry of security, safety and wellbeing for a global society. We are thrilled to be partnering with Trov as their exclusive go-to-market partner in Japan. Together, SOMPO and Trov are seeking a user-first approach in one of the world's leading mobile-consumer markets."
Today, the Trov app is available for free download on iOS and Android in the UK and Australia. With a simple tap or swipe, Trov users are presented a personalized quote and can instantly turn insurance on (or off) for an individual item, for whatever length of time they need, paying only for the coverage they require. The app is built on Trov's revolutionary cloud-native insurance platform, that features micro-duration policies, algorithmic pricing, integrated billing, and intelligent bot-assisted claims. Users can easily add their possessions (by snapping a photo of an item/receipt, forwarding an electronic receipt or searching the product database).
Trov is revolutionizing the way people protect the things they care about. With the introduction of the world's first on-demand insurance platform for single items, Trov gives people the power to insure just what they want, exactly when they want, entirely from their mobile device. The Trov app also helps people easily organize important information about the things they own and back it up to the cloud, so it's accessible when needed.
Trov's Series C financing of $25.5m, which closed in March, 2016 was led by Oak HC/FT, with participation from Suncorp Group, Guidewire, and Anthemis Group. Trov partners with insurance providers in their markets, which provide the underwriting capital and primary insurance licensing. Trov rolled out in Australia in May 2016, where it is underwritten by Suncorp, and the UK in December 2016, where AXA is its underwriting partner. Trov, which will be an MGA in the USA, will be released stateside in 2017, with Munich Re providing its underwriting capital and licensing. Trov is headquartered in the San Francisco Bay Area.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2016, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €2.6bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in ERGO, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2016, ERGO posted premium income of €16.0bn. Munich Re's global investments (excluding insurance-related investments) amounting to €219bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
About Sompo Holdings
SOMPO is one of the top three insurers in Japan and has a global network of businesses. Listed and headquartered in Japan with a growing presence in the US and UK the company engages in the provision of insurance services, operating through Domestic Property and Casualty Insurance, Domestic Life Insurance, Overseas Insurance as well as other services including pensions, asset management and healthcare businesses.
SOMPO has a global network in 32 countries operating in Europe, North America, Central and South America, Asia and Oceania, and the Middle East and Africa. The Company employs more than 78,000 people worldwide. SOMPO seeks to realize sustainable growth and greater corporate value, based on striving to secure earnings from its domestic P&C insurance while aggressively devoting greater management resources to growth fields such as domestic life insurance and overseas insurance. The Group's investment plan is not just limited to being a provider of insurance products but aims to position itself as the best customer service provider both at home and abroad and has evolved to offer a wider range of services aimed at providing even more customers with products that provide security, health, and wellbeing.
Learn more about SOMPO by visiting www.sompo-hd.com/en/