Mobile insurer Trōv is targeting millenials with new on-demand app
Swipe right to turn on and turn off protection for individual items.
Startup insurer Trōv, partnering with the Suncorp Group, has launched an on-demand insurance app which gives customers the ability to switch on and switch off specific items listed in their policies.
Trōv Protection, available in the App Store and Google Play, uses a claims process that's facilitated by an automated bot and live chat function that let's you decide which individual items you wish to insure – or not insure – at any given time by sending a few text messages.
Cover is currently available for common electronics, such as mobile phones and laptops, with more items being added later in the year.
In terms of pricing, you can select your protection level. The more you're willing to fork out on cover, the higher your payout will be. For example, you could choose to protect your iPhone 6s for anywhere from $0.40 per day up to $0.55 per day. Similarly, a Macbook can be protected from $0.58 per day to $0.81 per day.
The prices will vary from product to product, differing based on how old they are. Also, prices will change based on customers' history with Trōv, which will grow over time. This means that if you don't need to make many claims your excess will gradually decrease.
The app's design is relatively simple. You add items to your policy, swipe to protect what's important to you at the time, select the type of coverage and price that you want for each item and swipe and text to claim damage, loss or theft.
The Trōv app also allows customers to create a digital inventory of the things they own and back up this list in the cloud, making it accessible on their mobile devices when needed.
Trōv founder and CEO Scott Walchek says millennials are the most underinsured generation ever.
"It is the generation for whom almost everything of importance is channelled through the smartphone. Social networking, food delivery, dating – you name it. The team has built a beautiful user experience that is designed to make protecting your stuff as simple as swiping right," he says.
A recent World Insurance Report revealed just 36% of millennials reported a positive experience with a traditional channel insurer in 2015.
Walchek, who makes the app's functionality sound like the equivalent of Tinder for insurance, says the technology was built to empower the mobile generation and has been rolled out in Australia first before countries like the UK and the United States.
"The mobile generation adopts technology at a rapid rate and is consequently spearheading a dramatic shift in purchasing behaviour. Everything is on-demand – and business has to adapt accordingly. It’s no different for insurance," Walchek says.
Trōv recently closed US$25.5 million in funding, led by venture fund OAK HC/FT, along with Anthemis Group, insurance technology provider Guidewire and Australian insurer Suncorp.
If you're jet-setting anytime soon we've gathered information on everything you need to know about insurance for your gadgets and electronics, as well as detailed policy comparisons.