Munich Re-backed insurtech Trov to launch on-demand insurance in Latin America
California-based insurtech start-up Trov has partnered with Latin American property/casualty insurer Seguros Sura Brazil to introduce on-demand insurance applications in the Brazilian market.
The start-up is backed by strategic investors Munich Re Ventures, Sompo Insurance, Suncorp Group, Markel, Guidewire and others. Grupo Sura Holdings, Seguros Sura Brazil's parent company, participated in Trov's Series D financing in 2017.
Under the new partnership, Trov and Sura will launch a flexible on-demand insurance product for personal valuables and mobility, and expand to other insurance products such as auto, home and small business. The companies also intend to expand to other countries in Latin America.
Recent regulatory changes advocated by SUSEP have enabled insurers to offer on-demand insurance products to consumers and businesses in Brazil.
"SURA is an immensely innovative underwriter with the ambition to offer modern, customer-centric insurance experiences," said Scott Walchek, CEO and founder of Trov. "We're genuinely excited to work with SURA and their distribution partners to bring personalized, all-digital insurance applications to the Brazilian market, and throughout Latin America."
Thomas Batt, CEO of Seguros Sura, said: "We recognize the potential of Latin America's insurance market in light of recent regulatory changes, and invested in Trov's innovative insurance model to meet new consumer demands. Trov's proven track record in on-demand insurance makes them the ideal partner with whom to deploy modern insurance applications in Brazil and beyond."
