Trov, an on-demand insurance technology company, has announced a partnership with Waymo, Alphabet's self-driving technology unit.
Waymo, formerly Google's Self-Driving Car Project, is the first company in the world with a fully self-driving fleet on public roads today. In November, Waymo announced that it would launch a commercial ride-hailing service to members of the public in Phoenix, Arizona in 2018.
Trov will power trip insurance customized for passengers of Waymo's soon-to-be-launched service. As self-driving cars unleash new forms of shared mobility, the future of transportation will expand beyond personal car ownership, providing opportunities to explore new trip-based insurance models. Waymo has partnered with Trov, a licensed insurance broker, to provide trip-based insurance coverage, underwritten by a non-admitted affiliate of Munich Re. The insurance coverage will include several protections for passengers for the duration of each trip including lost property, trip interruption benefits, and medical expense reimbursement.
Today, Trov's On-Demand Insurance platform enables people to easily turn protection on for individual items that they own, and pay for just the protection they need. By extending the capabilities of its platform and collaborating with the leader in autonomous vehicle technology, Trov is developing new approaches to delivering insurance. This partnership marks Trov's entrance into the mobility space, the first in a suite of solutions tailored to serve both today's and tomorrow's modes of transport.
Waymo's Director of Operations Shaun Stewart: "Innovative technology needs innovative partners. Trov is pioneering a cutting-edge approach to insurance that's ideal for ride-sharing because it's customized for every trip. As we prepare to launch a commercial service, we're thrilled to collaborate with Trov to unlock the full potential of shared mobility."
Founder and CEO of Trov Scott Walchek: "This partnership highlights the convergence of the future of transportation with the future of insurance. Waymo is making personal transportation more effortless, and so it follows that all associated aspects of a journey - including insurance - should be equally painless, with passengers' safety and peace of mind paramount. We are genuinely excited to be partnering with Waymo in developing innovations for insuring people and property in the evolution of personal mobility."
CEO of Munich Re's Digital Partners, Andy Rear:// "Trov is providing new avenues for developing markets like shared mobility, and this latest partnership exemplifies how their on-demand platform can be adapted for use in a variety of applications."
In April 2017, Trov closed $56 million in Series D funding led by Munich Re / HSB Ventures, bringing its total funding to just over $97 million. Trov launched in Australia in May 2016, where it is underwritten by Suncorp, and the UK in December 2016, where AXA is its underwriting partner.
Top image: Waymo~
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