Suncorp-backed startup looks to disrupt with on-demand insurance to Australian consumers

Insurance group's investment into disruptive technology seen as key to ongoing customer engagement and innovation

Suncorp Group-backed startup, Trov, is looking to shake up the ways insurers engage with consumers with a new on-demand mobile app that allows customers to choose the products they want to cover.

US-based Trov provides a mobile app that that enables consumers to turn insurance on or off on specific items using their phone. The claims process employs an automated bot and live chat to review claims quickly and enable consumers to activate insurance.

Initially, consumers will be able to cover consumer electronics goods, with further categories coming online later this year. The app also allows user to create a digital inventory of things they own, backed up in the cloud.

To insure an item, users then swipe right on an item to secure protection, or left to turn it off. The app is free to download, with insurance initially available to Apple device users.

The product is launching first in Australia thanks to the partnership with Suncorp, followed by the UK later this year in partnership with AXA. The company then plans to expand into the US and other regions in 2017. Suncorp is underwriting the insurance offering via its AAI Limited subsidiary.

Trov founder and CEO, Scott Walchek, said the app was built to address the problem of younger consumers being underinsured for theft, loss and damage of their property.

“Millennials are the most underinsured generation ever,” he said in a statement. “It is the generation for whom almost everything of importance is channelled through the smartphone.

“The team has built a beautiful user experience that is designed to make protecting your stuff as simple as swiping right.”

Suncorp Group CEO of customer platforms, Gary Dransfield, said the decision to launch in Australia first was driven by his company’s focus on innovating the insurance space.

“Trov Protection will help transform the way people interact with insurance,” he said. “Suncorp is focused on providing our customers with a flexible platform that empowers them to protect what matters most. In years to come, this will be viewed as a landmark event in the insurance industry.”

In April, Trov announced it had secured US$25.5 million further in investment, including a cash injection from Suncorp Group, bringing its total funding to US$39m to date. The company kicked off as an app providing consumers with the ability to backup and organise more than one million items.

During its investor day last week, Dransfield highlighted Suncorp’s ongoing investment into customer-led platforms as key to sustainable growth.

“The feeling we want to create with customers is not about a product push, it’s about customers pulling things from us,” he said.

Walchek, who also spoke at Suncorp’s investor day, said Suncorp had embraced its technology from the top down as a business, despite the fact that it could disrupt current business models.

“It was quite surprising actually –it wasn’t just the leadership, but the culture that is embracing us in ways we hadn’t seen before,” he said. “That’s super important to us to enable us to navigate the insurance world.

“What Suncorp said was ‘we will be, no matter where it takes us, where the consumer wants to be’. That dedication to consumers, even if it disrupts the current business, was idiomatic of where the whole approach has been and has given us a lot of confidence to move forward.”

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Join the CMO newsletter!

Error: Please check your email address.
Show Comments

Supporting Association

Blog Posts

Why customer experience driven growth is set to take off

Our overall brand perceptions are invariably shaped by our experiences. And loyal customer relationships can be severed in moments by a negative service interaction.

Consistency and conversation: How branding and advertising can work better together

Advertising and branding are two of the most visible outputs of marketing, which is why getting them right is so important. However, too often the line between branding and advertising becomes blurred. This means advertising activity can be out of sync with brand, resulting in poor results for both functions.

Dan Ratner

managing director, uberbrand

Putting your brand on the Love Index

How much do your customers love your brand, product or service?And more importantly, why?

Bronwyn van der Merwe

Managing director, Accenture Interactive

The frequent flyer programs are the new profit machines for airlines all over the world, as they have morphed to be mass marketing machin...

Steve@iFLYflat

Velocity frequent flyers program strong performer in mixed half-year for Virgin

Read more

Hi Jennifer, thanks for sharing these info regarding the digital marketing trends.I've created a related video to this topic, would you m...

Fabio Carry

Predictions: 17 digital marketing trends for 2017

Read more

Great news. Marketing automation can be very useful for companies at various stages of development. With so many tools out there it's bet...

Ben

How HBF rolled out marketing automation in eight months

Read more

I read a report that the business sector in Australia as a whole have yet to fully harness and see the proactive change that predictive a...

Alex Martin

Report: Predictive analytics, IoT, machine learning battle it out for marketing dollars

Read more

today in this digital age customer insights is one of the channel which can benefit customer a lot. It opens up door for personalized mar...

Bifty Alex

Building customer insights in the data and digital age

Read more

Latest Podcast

More podcasts

Sign in