How Travelers is using Trov’s technology to change insurance
Travelers is an American insurance company, which takes on risk and provides coverage to protect things such as homes, cars, valuables and businesses.
It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents.
The company has been around for more than 165 years and is a leader in personal, business and specialty insurance and the only property casualty company in the Dow Jones Industrial Average. It has approximately 30,000 employees and 13,500 independent agents and brokers in the United States, Canada, the United Kingdom and Ireland.
Reimagining insurance with technology
Recently Travelers has acquired assets of Trōv Technology, a provider of software designed to help brands deploy modern P&C insurance solutions in home, renters, auto, pet, small business and mobility.
Trōv is credited with introducing numerous digital solutions that inspired the transformation of the insurance industry over the last several years, including on-demand insurance, claims-chat, micro-duration policies, and all-digital user experiences.
Most recently, the company launched its embedded insurance platform, public APIs, and developer support tools to enable companies to distribute insurance products within their existing digital applications.
Scott Walchek, Founder and CEO of Trōv said, "Over the past several years Trōv has reimagined many components of the insurance value chain. Travelers is the ideal company to harness our experience and take our technology to the next level. All of us are leaning into this opportunity with enthusiasm."
With this transaction, most members of Trōv’s team have also joined Travelers, and will be positioned within Travelers’ Personal Insurance segment going forward.
Michael Klein, President of Personal Insurance at Travelers, said, "This is yet another example of how we're investing to enhance the experience for our customers, agents and partners. We're excited about the important innovation we have underway, and Trōv's sophisticated technology and talented team will help accelerate our ongoing efforts to provide customers with personalised solutions in their channel of choice."
