Top 100 insurtech firms 2018: Number 7 - Trōv

Position: 7

Name: Trōv

City: Danville

Country: US

Founded: 2012

Website: www.trov.com

Twitter: @trov

Linked In: www.linkedin.com/company/trovinc

Facebook: www.facebook.com/trov

The story so far: Trōv is a mobile app that automatically organises information about everyday items customer’s buy, including receipts and market values, stores it securely in the cloud, and provides on-demand insurance whenever, and for however long, it’s needed. As an on-demand insurance platform, Trōv allows users to purchase insurance for specific electronic products, for a specific amount of time. The company has partnered with proprietary data sources to make sourcing real-time value for common items near-instant and painless. For most, the make and model is all that’s required to generate the metadata necessary to insure them. As the products data is updated in real-time, the insurer is able to make an accurate decision on the item value, speeding up the claims process. Carriers that choose to partner with Trōv manage the balance sheet and regulatory risk, but all payments and claims are filed through the app. Trōv has received funding from Munich Re/HSB Ventures, Sompo Japan Nipponkoa Insurance and Suncorp among others, and to date its on-demand insurance platform has launched in Australia, the UK and the US. The company ise currently focusing on expanding the platform further to a global audience. In total, the start-up has received an impressive $97m stretched over six funding rounds. Trōv’s CEO Scott Walchek is a successful tech entrepreneur, who previously founded Debt Market, which he led to a successful exit in 2011. Scott was also an early investor in Baidu, the Chinese search engine website.

Funding Stage: Series D

Total Funding: $87,800,000

Insurance Sector: Property insurance
 

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