A significant number of Trōv employees have also joined Travelers as part of the deal. They and the insurtech’s embedded technology solutions will be positioned within the insurer’s personal insurance business.
Founded in 2012, Trōv has developed a number of popular digital solutions, including on-demand insurance, claims chat, micro-duration policies, and all-digital user experiences.
Most recently, the insurtech launched its embedded insurance platform, public APIs, and developer support tools to enable companies to distribute insurance products within their existing digital apps.
Scott Walchek, founder and chief executive officer of Trōv, attributed the transaction to the insurtech’s years of experience at the forefront of insurance innovation and credits its team and partners for successfully introducing technologies and experiences that produced material change in the insurance industry.
Walchek said: “Over the past several years Trōv has reimagined many components of the insurance value chain. Travelers is the ideal company to harness our experience and take our technology to the next level. All of us are leaning into this opportunity with enthusiasm.”
Michael Klein, president of personal insurance at Travelers, said: “This is yet another example of how we’re investing to enhance the experience for our customers, agents and partners. We’re excited about the important innovation we have underway, and Trōv’s sophisticated technology and talented team will help accelerate our ongoing efforts to provide customers with personalised solutions in their channel of choice.”