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

Is your content marketing missing the mark?

Does it ever seem like the content you create falls flat on its face or that the leads you’re generating aren’t worth following up?

Dan Ratner

managing director, uberbrand

​ Creating a purpose-driven brand

So you want to be a brand with purpose. But what does it actually mean to build a brand with real meaning?

Paul Chappell

Partner and managing director, Brand + Story

Customer experience crisis: Proactively mitigating the risk of broken promises

Last Friday, three weeks after United Airline’s spectacular customer experience disaster, customers received a letter from the company’s CEO, Oscar Munoz.

Very rarely have I come across views so true. There are so many gems in this article, reflective of reality, onec can read it again and a...

Shyam Mishra

ANZ digital chief: Tackle the ‘frozen middle’ of your organisation or face irrelevancy

Read more

STOP STEALING BUISNESS CLASS TOILETS from A380, new 787's and A330's!!!!Thats what you call customer experience ONE toilet for all Busine...

Joe

Qantas CMO: What it's taking to evolve our customer experience

Read more

Dare i suggest that a "CEO" role in a peak industry body like Think Brink is not really much of a leap from CMO because it is also a mark...

Sventana

CMO to CEO: Think Brick chief reveals what it takes to make the jump

Read more

Grate post, thanks for the post.No matter what your business is, if you do no not rank among the top most search results of Google, Yahoo...

Rahul

Image intelligence:10 must-see infographics for marketers

Read more

Thank you Shane Blandford for carrying my Smarketing vision into KM !

Peter Strohkorb

​CMO Interview: Why aligning sales and marketing drives innovation at Konica Minolta

Read more

Latest Podcast

More podcasts

Sign in