Blanc has already joined ERS and Aviva this month
Amanda Blanc has joined global insurtech Trõv as its senior adviser, just as the business confirms its partnership with Lloyd’s Banking Group to launch a white label renters insurance application.
The insurtech announced the new appointment on its blog yesterday, written by Trõv’s founder and chief executive Scott Walchek. He stated that “Trõv is the only global insurtech business for which [Blanc] will be an adviser.”
Welcoming Blanc, he said: “[Blanc’s] advice will be invaluable to both our enterprise applications and mobility insurance business units as she will focus on strategy, partnerships and expansion opportunities.
“[Blanc] possesses a contagious enthusiasm that’s inspiring, a deep intellect steeped in experience and she’s an empathetic, present listener who’s approachable and engaging. I’m genuinely looking forward to our collaboration.”
It was only last week that Blanc joined the board of specialist motor insurer ERS as a non-executive director and chair designate of ERS SML – the managing agent of Syndicate 218 at Lloyd’s that provides ERS products. This news broke days after Blanc accepted a role at Aviva as a non-executive director.
Blanc left her position as head of Zurich in July; she departed her role as chair for the ABI in the same month.
Speaking more broadly, Walchek told Insurance Times that the insurtech aimed to do something different with its renters insurance. “We don’t take the [customer acquisition cost] risk or the underwriting risk and that’s our entire business model,” he said. Instead, Lloyd’s Banking Group underwrites the product.
The renters’ insurance is a monthly subscription-based product that can be turned on or off at any time from a connected device without agent involvement; the consumer only pays for the cover used.
“What makes it so unique is you can turn on loss, damage and theft outside the home and its seamless. It sits just on top of [the] renters’ policy. It’s completely aligned with the lifestyle of people who own less and can’t afford to own a home. We call it just right, just in time insurance,” Walchek added.
This means consumers can add items to the policy, such as a camera, if they were to go on a trip and wanted their belongings covered outside the home.
He added that insurers need to continue to innovate to stay relevant, but are limited due to legacy systems.
Trõv’s end-to-end digital renters insurance app was brought to the market by Halifax, which is part of Lloyd’s Banking Group.
In the UK, renters have increased from 2.8m in 2007 to 4.5m in 2017 – an increase of 1.7m (63%) according to statistics from the Office of National Statistics (ONS).