Lloyds turns to Trov for InsurTech offering
Lloyds Banking Group is to use a white-labeled platform from San Fransicos's Trov to roll out a suite of insurance products for digitally-native consumers.
The Powered by Trov platform comprises four core modules, including Policy Sales, Claims, CRM, and Business Intelligence, which can be configured for a variety of policy types including homeowners, renters, motor, and SME. The launch of the platform follows a pivot by Trov from a direct-to-consumer offering to a white label provider to incumbents. Scott Walchek, founder and CEO, Trov, comments: “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.”
The company, which has raised over $114 million since launch in 2012, also counts Waymo, Groupe PSA and Suncorp among its customer base. Jeremy Ward, home insurance commercial director at Lloyds Banking Group, comments: “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.”