December 19, 2017
InsurTech start-up broker Trov has partnered with Google's self-driving car technology unit Waymo to provide trip insurance for self-driving cars, which will be underwritten by an affiliate of Munich Re.
Announced last month, Waymo plans to launch a commercial ride-hailing service to members of the public in Phoenix, Arizona in 2018. As such, Trov has agreed to work with Waymo on providing policies customised for passengers of its soon-to-be-launched service.
The insurance coverage will include several protections for passengers for a variety of risks on a per-trip basis, including lost property, trip interruption benefits, and medical expense reimbursement.
Trov's on-demand insurance platform enables people to easily turn protection on for individual items that they own, and pay for only the protection they need.
The partnership with Waymo marks Trov's entrance into the mobility space, the first in a suite of solutions tailored to serve both today and tomorrow’s modes of transport.
In April 2017, Trov closed $56mn in Series D funding led by Munich Re / HSB Ventures, bringing its total funding to just over $97mn. 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. Trov was founded in 2012. In July this year, the start-up regulatory approval to operate in 23 US states.
Shaun Stewart, Waymo's director of operations said: "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."
Meanwhile, Trov founder and CEO Scott Walchek added: "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”
CEO of Munich Re's Digital Partners, Andy Rear said the partnership highlights how Trov’s “on-demand platform can be adapted for use in a variety of applications."