The insurtech’s founder and chief executive says Travelers is ’the ideal company’ to take its ’technology to the next level’

Business insurer Travelers has bought the technology assets of insurtech Trōv - the terms of the transaction have not been disclosed.

This will see most of Trōv’s team move to join Travelers. Trōv’s team and embedded technology proposition will be positioned within Travelers’ personal insurance segment.

Scott Walchek, Trōv’s founder and chief executive, 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.”

Leaning into it

Last July, the insurtech launched its embedded insurance platform, public application processing interfaces (APIs) and developer support tools to enable companies to distribute insurance products within their existing digital applications.

It has also introduced on-demand insurance, claims chat functionality, micro duration policies and digital user experiences for its customers.

Michael Klein, executive vice-president and 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 personalised solutions in their channel of choice.”