Trov

insurtechon-demand/sharing

FOUNDING YEAR: 2012
LOCATION: United States
Last Update: 17/07/2020

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About

Trov is reinventing insurance for the mobile generation by making it simple, flexible and transparent. With the introduction of the world’s first on-demand, micro-duration insurance platform, Trov gives people the power to insure just what they want, exactly when they want, entirely from their mobile device. The Trov app also helps people easily organise important information about the things they own and back it up to the cloud, so it’s accessible when needed. In April 2016, Trov announced a $25.5m Series C funding round led by Oak HC/FT, with participation from Suncorp Group, Guidewire and existing investor Anthemis Group. Trov launched in Australia in May 2016, and will roll out in the UK later in 2016, before launching in the United States and other regions in 2017. Trov is headquartered in the San Francisco Bay Area.

MEDICI Analysis

Trov offers a web and mobile based applications to help users track possessions and assist in advising in wealth and estate planning, property management, insurance coverage, private social connectivity, asset disposition, charitable giving and more.

Focus

PRODUCTS & SERVICES

On-demand insurance platform to track and protecct the belongings

MAIN CLIENTS

Brown and Brown Private Client Group

Costello and Sons

Fort Point

G.S. Levine

Lane McVicker and TDC

EXISTING PARTNERSHIPS

Suncorp Group

Hub International

Lockton and Willis

PRIMARY PROBLEM SOLVED

Trov is designed specifically for the mobile generation, who often find the constraints of traditional insurance incompatible with their untethered lifestyles. The 2015 World Insurance Report revealed that just 36 percent of millennials reported a positive experience with their traditional insurer in 2015, compared to 52 percent of other age groups. Trov represents an enormous opportunity for this group as it provides a far more flexible approach to insurance, whether they are heading to university, going travelling, working on-the-go, or simply wanting to protect something they love.

Traction

VALUATION / MARKET CAP:

$300 M in 2017

TRACTION COMMENT:

The platform exited beta in summer 2014 and has been steadily growing its installed base around the world, with over over $3 billion worth of item value currently stored in people’s Trovs. It has over $10 billion worth of items added and over 1,000,000 items added as of November 2016. Trov officially launches on-demand camera gear insurance at the 2017 photography show in Birmingham.

People

FOUNDERS

Jim Gemmell

Mark Dowds

BOARD MEMBERS AND ADVISORS

Priscilla Hung

Patricia Kemp

Sean Park

Ken Rudin

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Anthemis Group

Gordon Bell

Guidewire Group

Munich Re / HSB Ventures

Munich Re Ventures

Oak HC/FT

Pivot Investment Partners

Sompo Japan Nipponkoa Insurance

Suncorp Group

KEY EMPLOYEES:

Scott Walchek(CEO)

Momentum

FUNDED

YES

TOTAL FUNDING

$91 M

DATE OF LAST FUNDING

Apr 2017

FUNDING SERIES

SERIES A  · $3 M  · Jul 2012

SERIES B  · $6.5 M  · Feb 2015

SERIES C  · $25.5 M  · Mar 2016

SERIES D  · $56 M  · Apr 2017

LISTED

NO

COMMENT

Convertible Note: $7.5 M(Dec 2015)

Innovation Programs

BASICS

FOUNDING YEAR:

2012

LOCATION:

United States

Views:

1791 VISITORS | 3237 VIEWS
LATEST FUNDING ROUND

$91 M

TOTAL EMPLOYEES
51-200

About

Trov is reinventing insurance for the mobile generation by making it simple, flexible and transparent. With the introduction of the world’s first on-demand, micro-duration insurance platform, Trov gives people the power to insure just what they want, exactly when they want, entirely from their mobile device. The Trov app also helps people easily organise important information about the things they own and back it up to the cloud, so it’s accessible when needed. In April 2016, Trov announced a $25.5m Series C funding round led by Oak HC/FT, with participation from Suncorp Group, Guidewire and existing investor Anthemis Group. Trov launched in Australia in May 2016, and will roll out in the UK later in 2016, before launching in the United States and other regions in 2017. Trov is headquartered in the San Francisco Bay Area.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

Trov offers a web and mobile based applications to help users track possessions and assist in advising in wealth and estate planning, property management, insurance coverage, private social connectivity, asset disposition, charitable giving and more.

Focus+
Momentum+
Traction+
People+
Other+

Innovation Programs

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Trov

About

Trov is reinventing insurance for the mobile generation by making it simple, flexible and transparent. With the introduction of the world’s first on-demand, micro-duration insurance platform, Trov gives people the power to insure just what they want, exactly when they want, entirely from their mobile device. The Trov app also helps people easily organise important information about the things they own and back it up to the cloud, so it’s accessible when needed. In April 2016, Trov announced a $25.5m Series C funding round led by Oak HC/FT, with participation from Suncorp Group, Guidewire and existing investor Anthemis Group. Trov launched in Australia in May 2016, and will roll out in the UK later in 2016, before launching in the United States and other regions in 2017. Trov is headquartered in the San Francisco Bay Area.

Focus

PRODUCTS & SERVICES

On-demand insurance platform to track and protect belongings

TOP PROBLEM SOLVED

Trov is designed specifically for the mobile generation, who often find the constraints of traditional insurance incompatible with their untethered lifestyles. The 2015 World Insurance Report revealed that just 36 percent of millennials reported a positive experience with their traditional insurer in 2015, compared to 52 percent of other age groups. Trov represents an enormous opportunity for this group as it provides a far more flexible approach to insurance, whether they are heading to university, going travelling, working on-the-go, or simply wanting to protect something they love.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRIMARY CUSTOMER TYPE

Consumer