Ahead of closing its app in October, Trõv moves away from direct-to-consumer market and sets its stall out to work with incumbents
Trõv is relaunching in the UK through a new partnership with Lloyds Banking Group.
It will be the first demonstration of its new platform – ‘Powered by Trõv’, which is a portfolio of white-label insurance products, enabling incumbents to ’rapidly deploy modern insurance solutions for homeowners, renters, motorists and SMEs’.
Later this year the two firms said they will be releasing an insurance product that ’caters to the modern consumer’.
The insurtech said it would be the first of many partnerships.
It follows the insurtech announcing it will be closing its on-demand single coverage insurance UK app in October.
Transformation
Trõv’s founder and chief executive – Scott Walchek said that the launch of its platform marks the completion of its evolution from a single direct-to-consumer offering to a suite of “robust, flexible insurtech applications” that will enable incumbents to configure, launch and iterate digital products.
“We’re delighted that Lloyds Banking Group is joining us on our journey and excited to assist other financial institutions to remain competitive in the face of mounting competition by offering the types of digital insurance products their customers demand,” Walchek added.
What can the platform do?
It comprises of four core modules including policy sales (quoting, binding, billing and adjustments), claims (consumer and business interfaces), CRM (customer management), and business intelligence (conversion, engagement and risk analytics).
These modules it says are the building blocks of the white-label insurance product line, meaning they can be configured for different types of policies such as home, renters, motor and SME.
Jeremy Ward, home insurance commercial director at Lloyd’s Banking Group said he was excited to explore how the bank can “better meet its customers’ changing needs”.
“Modern consumers expect simple, engaging experiences in anything they do, and we’re looking forward to launching innovative new products to give our customers that kind of experience,” Ward added.
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