Trōv launches on-demand personal property insurance services in US – TechCrunch
TrÅv, the on-demand personal property insurance service, is launched in the United States, the company announced today.
TrÅv’s first stopover in the United States will be Arizona. The service is already available in the UK and Australia, where customers have signed up to insure items 1 million times since the company was launched.
A company spokesperson declined to comment on how many people signed up for the service or how much they spent on policies.
Munich Re is TrÅv’s underwriting partner in the United States (and the rest of the world), and the company has said it will look to expand to the rest of the country during the year.
As part of the rollout, TrÅv is introducing a new service that will reduce a customer’s premium payment as the item they insure depreciates. The insurer makes these adjustments by comparing the insured item with the retail replacement value of a more recent similar item.
In addition to its geographic expansion, the company is expanding the types of items it will supply, from consumer electronics and photography equipment to sports and music equipment.
TrÅv’s insurance policy is already approved in 44 states, and the personal property product is, in fact, the company’s second-largest service for the US market.
Earlier this year, the company launched Trv Mobility in Partnership with Waymo, the autonomous vehicle subsidiary of Alphabet (which owns Google). This product protects the passengers of Waymo’s self-driving car service, which is preparing to launch later this year.
Insurance has been a hot business for start-up investors, with companies like Blanket launch with a similar on-demand offering already in the United States. Other competitors include companies such as Lemonade and Hippopotamus, both of which provide homeowners or tenants with insurance for a modern home – including insurance for electronics, photography equipment, and other property.