Trov enables consumer brands to offer digital renters insurance

Wednesday 7 April 2021 14:54 CET | News

Embedded insurance company Trov has expanded its presence in the UK market, enabling brands to offer digital insurance products to their customers and tap additional revenue streams, says the official press release. 

With an initial focus on renters insurance distributed by proptechs, fintechs, retailers, and utilities, Trov announces a new wave of consumer brands that will offer digital insurance powered by its innovative technology, including Love to Rent, OpenBrix, Moovshack, Utilita, and Movinghub. Additionally, the company’s existing UK partner Lloyds Banking Group has expanded with Trov beyond its Halifax branded Renters Insurance product to launch Flexible Contents Insurance, a product under the Lloyds Bank brand, designed for renters, tenants, and homeowners. 

Embedded insurance (technology-enabled insurance products offered in the context of non-insurance applications) is revolutionising insurance distribution as popular brands are motivated to generate new revenue streams while keeping customers within their existing ecosystems. The banking industry has seen much of its customer acquisition shift to all-digital channels, via embedded finance, and now the insurance industry is undergoing a similar change. McKinsey estimates that emerging digital ecosystems (interconnected services that enable users to fulfil a variety of needs in one integrated experience) will generate 30% of global revenue by 2025, with P&C insurance sales playing a significant role.  

Trov has designed its APIs and white-label software to power this shift by providing digital ecosystems with the necessary tools, from quote to claim, to make insurance an integrated offering within their customer applications.

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Keywords: Open Finance, insurance, digitalisation
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech

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