Insurtech platform provider Trov is launching a portfolio of end-to-end digital, white-labelled insurance products designed for rapid roll-out by financial services organisations—and has already signed up Lloyds Banking Group.
The new Powered by Trov platform comprises four core insurtech modules, including policy sales, claims, customer management and business intelligence, that are the building blocks of the white-label insurance product line. They can be configured for a variety of policy types, including homeowners, renters, motor, and small- and medium-sized entities.
Trov and Lloyds Banking Group plan to release a new insurance product later in 2019.
San Francisco-headquartered Trov is positioning itself as the preferred international partner for insurers and financial services organisations seeking to go to market with innovative insurance products.
Its white-label products are infused with user experience design, take advantage of its expertise in on-demand coverages, and offer a means by which incumbents can innovate with little to no integration with legacy platforms.
Trov founder and chief executive officer Scott Walchek said: “The launch of Powered by Trov marks the completion of our evolution from a single direct-to-consumer offering to a suite of robust, flexible insurtech applications that empower incumbents to offer relevant products to the latest generation of digital natives.”
“We’re delighted that Lloyds Banking Group is joining us on our journey and excited to assist other financial institutions to remain competitive in the face of mounting competition by offering the types of digital insurance products their customers demand.”
Jeremy Ward, home insurance commercial director at Lloyds Banking Group, added: “We’re excited to explore how Lloyds Banking Group can better meet our customers’ changing needs. Modern consumers expect simple, engaging experiences in anything they do, and we’re looking forward to launching innovative new products to give our customers that kind of experience.”