Travelers acquires team and technology of Munich Re-backed insurtech Trōv
US property/casualty insurer Travelers has acquired the technology and team of California-based insurtech for embedded insurance Trōv, which is backed by strategic investors Munich Re Ventures, Sompo Insurance, Suncorp Group, Markel, Grupo Sura and Guidewire, among others.
Following the deal, most members of Trōv's team have joined the insurer.
Trōv offers a broad range of digital solutions including on-demand insurance, claims-chat, micro-duration policies, and all-digital user experiences.
The company recently launched its embedded insurance platform, public APIs, and developer support tools to enable companies to distribute insurance products within their existing digital applications.
Trōv's team and embedded technology solutions will be positioned within Travelers' personal insurance segment.
Scott Walchek (pictured), founder and CEO of Trōv, 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 personalized solutions in their channel of choice."
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