In a major move to accelerate its technological capabilities, Travelers Companies has acquired the technology assets of the insurtech Trōv.
The terms of the transaction were not disclosed.
Founded in 2012 and based in the San Francisco Bay Area, Trōv began as a direct-to-consumer mobile insurance platform. Through the company’s proprietary app, users could purchase insurance on-demand for single items; the app was previously made available to use in the US, the UK, and Australia. Trōv first launched its on-demand insurance policy in the US in 2018 and it was initially made available for customers in Arizona.
But in 2019, Trōv changed gears and turned to a business-to-business model, shutting down its consumer-facing operations. It then began to offer on-demand insurance to companies such as Lloyds Banking Group, PSA, Suncorp, Waymo, and Zerology.
Trōv most recently launched its embedded insurance platform, public APIs, and developer support tools, which allow insurers to easily distribute products within their current digital applications.
"Over the past several years Trōv has reimagined many components of the insurance value chain. Travelers is the ideal company to harness our experience and take our technology to the next level,” said Trōv founder and CEO Scott Walchek. “All of us are leaning into this opportunity with enthusiasm."
A release said that the Trōv team and its embedded technology solutions will be folded into Travelers’ personal lines insurance segment.
"This is yet another example of how we're investing to enhance the experience for our customers, agents and partners,” said Travelers president of personal insurance Michael Klein. “We're excited about the important innovation we have underway, and Trōv's sophisticated technology and talented team will help accelerate our ongoing efforts to provide customers with personalised solutions in their channel of choice."
