"Powered by Trov" insurtech platform will host a portfolio of white-label insurance products, enabling incumbents to rapidly deploy modern insurance solutions for homeowners, renters, motorists, and SMEs.
SAN FRANCISCO and LONDON, Aug. 8, 2019 /PRNewswire/ -- Trov (www.trov.com), a global leader in insurance technology, is launching a portfolio of end-to-end digital, white-labelled insurance products designed to be rapidly deployed by financial organisations and insurers. Lloyds Banking Group, the UK's largest retail financial services provider, with around 26 million customers and a centuries-old history, will partner with Trov. Later in 2019, Trov and Lloyds Banking Group will release an innovative insurance product designed around the evolving lifestyle of modern, connected UK consumers.
The Powered by Trov platform comprises four core insurtech modules, including Policy Sales (quoting, binding, billing, and adjustments), Claims (consumer and business interfaces), CRM (customer management), and Business Intelligence (conversion, engagement and risk analytics). These modules are the building blocks of the white-label insurance product line and can be configured for a variety of policy types including homeowners, renters, motor, and SME.
With the launch of Powered by Trov, the San Francisco-headquartered technology company is establishing itself as the preferred international partner for insurers and financial services enterprises seeking to go to market with innovative insurance products and capture a new generation of consumers. Trov's white-label products are infused with award-winning user experience design, take advantage of Trov's expertise in on-demand coverages, and offer a means by which incumbents can innovate with little to no integration with legacy platforms.
Scott Walchek, Founder and CEO, Trov, comments: "The launch of Powered by Trov marks the completion of our evolution from a single direct-to-consumer offering to a suite of robust, flexible insurtech applications that empower incumbents to offer relevant products to the latest generation of digital natives. 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."
Jeremy Ward, Home Insurance Commercial Director at Lloyds Banking Group, comments: "We're excited to explore how Lloyds Banking Group can better meet our customers' changing needs. 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."
Trov is the world's leading insurance technology platform, enabling the new ways people live, work, and move. Its robust insurtech platform empowers financial institutions and insurance incumbents to rapidly deploy modern solutions for homeowners, renters, drivers and small businesses. Its technology-enabled brokerage combines powerful software with bespoke insurance products to solve the complex risk management issues facing companies in emerging mobility and gig work. Trov's customers include industry leaders such as Waymo, Groupe PSA, Lloyds Banking Group, and Suncorp, amongst others.
Founded in 2012 by serial entrepreneur Scott Walchek, Trov has raised over $114 million from leading VC's and strategic partners. The company is based in the San Francisco Bay Area and maintains offices in New York and London. For more information, please visit www.trov.com.
About Lloyds Banking Group
Lloyds Banking Group is a leading UK based financial services group providing a wide range of banking and financial services, focused on personal and commercial customers. The Group's main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision.
The Group operates the UK's largest retail bank and has a large and diversified customer base. Services are offered through a number of well recognised brands including Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows, and a range of distribution channels. This includes the largest branch network in the UK and a comprehensive digital, telephony and mobile services.
Lloyds Banking Group is quoted on both the London Stock Exchange and the New York Stock Exchange and is one of the largest companies within the FTSE 100.