Trov is an on-demand insurance platform that lets you pick and choose whatever items you want covered on your policy

One of the most frustrating things about high insurance premiums for your personal possessions is that you pay a large sum every month, but there's little customization. If you only want to insure a few items, it costs the same as insuring all of them.  An insurance tech startup from the U.K. and Australia called Trōv is trying to change that. They recently closed a round of funding with $45 million in Series D funding for their on-demand insurance platform. This brings their equity total to more than $90 million, an impressive start for a tech startup.

“Trōv is smart insurance,” says the video that accompanied their crowdfunding campaign.

“Unlike blanket policies that cover everything at once, Trōv helps me to protect just the things I care about.”

Basically, you'll choose single or groups of items that you deem most valuable. It might be your 56-inch smart television, your Macbook Air, or your collection of gaming consoles. You'll leave out items you don't care so much about, like your old, malfunctioning printer or a basic Fitbit. You'll go onto Trōv's online or native mobile app for both Android and iOS to design a policy covering just the items you selected, and you'll pay accordingly.

It's a much more affordable and convenient way to monitor your personal possessions. You easily swipe to select your items, and fit your needs into a price point that matches your budget.

When you want to make a claim on damaged, lost, or stolen items, the claims process is relatively simple. You swipe on the mobile app to select the item that needs covering. You write a simple message, give the date, and leave other relevant information, and your claim is processed quickly.

Trōv got its start in the United Kingdom and Australia as a personal item inventory app. Users could keep track of their personal items that they found valuable, accounting for their value and their location. The insurance portion of the service is being introduced into this realm as well. In all, it's a great way for users to organize belongings and make sure their personal small investments are totally covered in the event of theft or an accident.

“Trōv’s early success in Australia and the U.K. is demonstrating that modern consumers want a new way to protect their things,” explained Trōv founder and CEO Scott Walchek. “With the additional capital and extensive partnerships, soon millions of people around the world will be empowered to protect the things that enhance their lives whenever and however they want.”

Based on the success in the U.K. and Australia, this cloud-based insurance company is coming to the United States, but it will take awhile for the insurance aspect to kick in. There are very strict insurance policies in the United States that Trōv is currently working to overcome.

To help combat U.S. insurance legislation, Trōv has partnered with a German insurance company called Munich Re. They will be the underwriters of the U.S. insurance platform, and will hopefully allow the useful app to get its start in the coming years. Munich Re is also hoping to use its influence to get Trōv on the market in South Africa, Europe, and Asia.

“Trōv’s on-demand protection represents a genuine innovation in insurance for an unserved or under-insured market,” said Andy Rear, CEO of digital partners at Munich Re.

“Our extensive footprint will surely help power Trōv’s rapid expansion to the most active markets around the globe. We’re excited to be taking a deeper role with the industry’s first global insurtech platform.”

Insure

Trōv has intelligently entered a market that demands more freedom in insurance policies. Consumers have expressed interest in removing the bundling aspect of policies to cover just the things they care most about. This makes their business model highly competitive.

Their biggest competitor in the United States market is probably Lemonade, a similar service that independently issues customized policies. Lemonade has no need of an underwriter, which could potentially make them more successful than the likes of Trōv.

However, Trōv has the added element of cataloging and monitoring personal belongings, which could set it apart from its competitors. It offers a unique customization experience with the convenience of inventorying your stuff.

Trōv has also managed to enter a highly competitive market in which consumers are demanding change. Insurance is a hot topic in the United States, thanks to the uncertainty of legislation and rapidly rising insurance costs. Consumers have been demanding an alternative insurance solution for a long time, and Trōv may have found that sweet spot with this ultra-customized option.

Trōv's insurance plan just makes sense. There's no point in overpaying for personal insurance premiums when you only want to cover a couple of items. If it can enter the United States, Trōv's success would not be surprising in the least, and it may not long before many other organizations—major corporations included- begin offering similar services.

Trōv

One of the most frustrating things about high insurance premiums for your personal possessions is that you pay a large sum every month, but there's little customization. If you only want to insure a few items, it costs the same as insuring all of them.  An insurance tech startup from the U.K. and Australia called Trōv is trying to change that. They recently closed a round of funding with $45 million in Series D funding for their on-demand insurance platform. This brings their equity total to more than $90 million, an impressive start for a tech startup.