We’re Live in the USA!
It’s my pleasure to announce the beginning of Trov's on-demand insurance roll-out in the USA, starting with Arizona. Our team has worked tirelessly toward this moment and we’re beyond excited that our friends and families can finally use what’s been enjoyed by users around the globe for the past couple of years.
Pioneering a new way to insure things has proven to be quite a journey, and we’ve learned a lot from our users in Australia and the United Kingdom. These learnings have helped form the scaffolding for our re-engineered on-demand insurance platform, which will automatically adapt to the individualized regulations of all 50 states and deliver the world’s most flexible insurance, on-demand. (Check if your state is among the 44 already approved, here).
Now that we’ve landed in the USA, I want to briefly describe five ways in which Trov is fundamentally reimagining the insurance consumer’s journey. These changes are groundbreaking, as you’ll see below, and make up some of the core components of what we’re rolling out in the U.S. today.
Swipe-to-Protect: A new insurance experience
With a swipe and a tap on a smartphone, Trov customers can get a quote (swipe right) and insure (tap) their most important possessions for any fraction of time they need, instantly. And they pay for only the time the protection is turned on. Traditional contents policies tend to be inflexible and confusing “blanket coverages” often protect things people don’t care about, during times the items aren’t in use. With Trov, protection starts the second the user taps to turn it on. And if the user chooses to turn off (swipe left) coverage at anytime, Trov calculates the usage to the second and bills accordingly. Trov users never pay for more than the protection they use. This is on-demand insurance and it’s underwritten by a new insurance policy (see below) that gives users unprecedented control and a remarkably intuitive experience. The end result: Trov enables users to protect just what they want, wherever they are, for whatever time they need – entirely from a smartphone.
Trov just reinvented the insurance policy. Really.
We couldn’t achieve our goal of reinventing the insurance experience without re-engineering the underlying policy itself. No existing off-the-shelf policy could hold-up to the rigors of on-demand, micro-duration protections for individual items that calculates and bills premium to the second and is delivered under the control of a user. Trov's insurance product team created an entirely new policy that protects items anywhere in the world from risks including accidental damage, loss, theft, and even out-of-warranty mechanical breakdown, (you’ll never need an extended warranty again...but that’s for another post).
To illustrate how the new policy works, imagine your travel plans. With Trov, you can swipe to protect the camera you bought in Arizona at any time during your trip to Cameroon. And if you break it in Interlaken you can lodge a claim (swipe, again) any time, day or night, from the Trov app via a chat session with our intelligent claims bot. No hoops, international calls, or red tape. Just swipe and chat.
Introducing the Smart Premium. Say goodbye to dumb.
I’m especially proud of our team for designing the world's first insurance policy (and the complex data and tech-pipes to deliver it) that regularly modifies a user’s monthly premium based on the value of the items protected. It just makes sense, right? The things you own generally don't hold their value over time, so why keep paying the same premium at the start of protection as you do each month thereafter? If the value of your gear changes, so should the premium you pay to insure it. And values change for reasons that range from normal depreciation to upgrades, lower demand, competitive products, and even changes in tariffs.
So, if the replacement value of my Apple Watch Series 3 drops in value by 30%, because Apple releases the Series 4, the premium I pay to protect that watch with Trov would drop by 30% next month to account for the change. We call it Smart Premium, and it’s a breakthrough for insurance. Smart Premium can only be accomplished with Trov since our tech continuously tracks the retail replacement values of the items our users protect.
Unique corpus of data: one million protected days and growing
All insurance intelligence is built on mountains of data that are analyzed for patterns of risk and consumer behaviors. When we started, Trov's on-demand, micro-duration insurance for single items had no historical data by which to determine these patterns (no one’s ever done it before!). Now, as our users have protected things for over one million days, we’re beginning to understand how our most engaged users benefit from our software. With this growing corpus of data and the insights we extract from analysis, we’re developing intelligence that helps us isolate vulnerabilities, identify our greatest utility, and serve our customers with an increasingly better experience.
Protecting more things...
Our users often tell us that while they love Trov's control, simplicity, and transparency, they really want to protect more than just their gadgets and photo gear. So, for our US roll-out, we’re introducing two new categories to the growing index of Trov's protectable products: sports equipment and musical instruments. Over time these new categories will become fully populated as their fidelity is enhanced with usage. We’ve also added new functionality that enables a user to add nearly any thing to the collection of protectable items, so eventually, nothing of value will be excluded from our catalog.
Today, we’re introducing these innovations to the USA — a re-engineered insurance policy, a more rational way to calculate premiums, and lots of learnings from our early users — all delivered within a user journey that accounts for modern consumer behaviors.
If you’re in Arizona, have a look and tell us what you think; of course, we hope you’ll be delighted. And if you’re elsewhere in the States, standby… we’re coming soon.