AXA claims first for ‘on demand’ insurance
AXA has signed an exclusive deal with insurtech start-up Trov to launch what it claims to be the UK’s first ‘on demand’ cover through a mobile app.
Using the Trov app, consumers can upload items to their cloud-based inventory and purchase individual insurance, underwritten by AXA, for those items at the touch of a button.
Customers can buy cover for the items for a period that suits them.
AXA Insurance managing director Gareth Howell said: AXA identified a clear opportunity for a simple, hassle-free and cost-effective insurance solution for consumers who want to insure specific items valuable to them without being tied to traditional types of insurance policies, and our partnership with Trov allows us to fulfil that need.
“The UK insurance market is evolving and we are responding to the changing environment and increasing consumer appetite for ‘on-demand’ services. It is essential for insurers like AXA to adapt and innovate. As such we are delighted to playing an instrumental part in the introduction of on-demand, single item insurance to UK customers.”
Trov founder and chief executive Scott Walchek said: “The launch of Trov in the UK, in partnership with AXA, marks an exciting step for the UK insurance industry; allowing consumers to have complete control of their insurance needs.”