Trov partners with Suncorp for auto & mobility insurance in Australia
Insurtech firm Trov is partnering with Suncorp Group to launch a personal auto & mobility insurance product, which will provide coverages tailored to personal transportation preferences, in the Australian market.
Suncorp is one of Australia’s biggest insurers and a long-term Trov partner.
The companies claim it is a “world-first” product, combining gamification techniques with behavioural motivations to provide tailored coverages. The product was built on Troy’s Powered by Trov platform and uses flexible, variable period, event-driven architecture.
Launching in Australia later this year, the new product is designed to align with the evolving behaviours of auto-owners who have a growing number of options when choosing the way they get around. The product leverages unique technologies to identify when its users choose alternative forms of transportation, with rewards and incentives designed to enhance engagement.
“Traditional auto insurance is being challenged by the changing shape of modern mobility. The insurance solution being released by our long-time partner Suncorp is purpose-built to meet the evolving needs of today's commuter,” said Walchek, chief executive and founder of Trov.
Nick Heggie, commercial partnerships, Suncorp, said: “Suncorp and Trov have a strong relationship built over many years of collaboration on the design and development of new insurance products utilising the Trov technology platform, including on-demand single item cover. We are currently in the final phase of trialling our mobility insurance product that we are excited to launch at scale next year.
“We know consumers expect simple, engaging and rewarding experiences in everything they do. This new product will do this by evolving traditional auto insurance to include cover and rewards for different forms of mobility that are now an integral part of our customers’ lives. We are excited to expand our partnership with Trov, and together explore how we can better meet our customers’ changing needs in the mobility space.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Swiss Re shelves share buybacks after catastrophe losses
China agricultural insurance premiums surge on government subsidies
Markel shares rise as combined ratio falls
Reinsurance revenue and margins grow at Willis Towers Watson
Aon report reveals accelerated insurance market liberalisation in APAC
Feature: 10 ways insurers are using insurtech to drive new business
