California-based insurtech start-up Trov said on July 5 that it received approval for its on-demand insurance services from regulators in 23 US states.
Trov offers on-demand insurance, enabling users to buy insurance for specific products, for specific amounts of time through their smartphones. Users can turn insurance on and off with a swipe and also file claims through the app.
Trov has recently closed a $45 million in Series D funding round led by Munich Re through its venture capital arm HSB Ventures.
The recent financing round brings Trov's total funding to just over $85 million. The new capital will be used for Trov's global expansion and new product development atop its on-demand insurance platform.
In addition to its investment, Munich Re as agreed to expand its strategic alliance with Trov to include underwriting throughout Europe, Asia and South Africa.
Trov is already live in Australia and the UK and will be rolling out in several new countries in the near future such as Canada and Japan, according to the company.
Japan’s Sompo has also participated in Trov's latest financing round through its wholly owned subsidiary Sompo Japan Nipponkoa and is partnering with Trov to offer its on-demand insurance exclusively throughout Japan.
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Trov, Munich Re, Sompo, Insurtech, Insurance, US, North America