"Last week, Trov announced it’s pulling away from the UK market in reference to its D2C business.

Here’s what you should keep in mind about Trov:

  • It was founded in 2012 with the mission of “transforming the ways that people benefit from all they own and treasure.” And has since pivoted at least twice.
  • It secured over $99m in funding from lead investors Munich Re and Anthemis Group; among others. In fact, Munich Re’s Digital Partners “was designed specifically with companies like Trov in mind.”
  • It featured 2 of the 5 elements of modern insurance; offering fair and flexible coverage with a somewhat convenient purchase (more on that below).

To state the obvious, there was no product-market-fit for this kind of value proposition. And when there was a fit, the market was simply too small and the product – simply too complicated.

We’ve also recently covered the grand finale of Back Me Up – a Trov competitor in the UK and a product of Ageas. So is history repeating itself? Well, no, because it’s not history till it’s over and it isn’t over till select insurance startups stop pushing for on-demand, short term policies unless it’s by nature (e.g. travel insurance)."

SHEFI BEN-HUTTA EDITOR, COVERAGER AT COVERAGER

JUN 25, 2019

Was it a product looking for a viable problem to solve?

All eyes now on on the new product from Brolly. 

Dubbed “Brolly  Contents,” the new offering promises “flexible” monthly cover for all or a subset of the items you own, transparently priced and delivered in a more convenient way via Brolly’s mobile app. Features of Brolly Contents include the ability to insure up to £40,000 worth of belongings, suitable for renters or property owners, and no fees for updates to your cover.

This will surely test the concept. 

Wise for insurtechs to read the experience from Rahul Mathur  insurance product manager at Laka. 

TROV will white label its platform with new venture at Lloyds Banking Group in UK. That gives it access to 26 million customers in Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows .

TROV follows the lead of digital claims platforms like 360Globalnet and RightIndem that do not require any changes to core systems of record. Banks and insurers need an answer to combat an ever increasing number f technology stacks and many decide to integrate innovations like TROV with a core digital platform that covers a wide portfolio of insurance categories from simple PET to complex Personal Injury, from Auto to Home and Speciality. 

  It is a competitive field and one wishes the best to all innovators.