Posted in News & Updates, on 10/30/2019
New Powered By Trov Application Reimagines Personal Auto Insurance
Announcing the third Powered by Trov application
Today, we’re announcing a new application that completely reimagines personal auto insurance - the result of nearly a year and a half of dedicated engineering and design. Internally codenamed Pilgrim -- it’s original in design and utility, and the latest addition to our Powered by Trov product line. Shortly, it will be launched by our partner Suncorp in Australia, bearing the name of one of their leading consumer brands.
It seemed obvious to us that traditional auto insurance is out of sync with the shape of modern personal mobility. From bike- and scooter-share platforms to ride-hailing and car-sharing, today’s city-dweller has a wide variety of transportation alternatives. And in greater numbers, many are choosing to leave their cars at home and get around utilizing these growing platforms. The abundant selection of transportation modalities is changing the way insurers think about risk, and new coverage models such as pay-per-mile (Metromile) and pay-how-you-drive (Root) are making incremental progress. But, these new insurance models are just variations on the auto insurance that’s been around since 1925. This despite the fact that personal auto ownership is declining worldwide and most analysts predict a >70% reduction over the next decade or so. In cities all over the globe, fewer autos are being acquired by individuals for their personal use, while fleets of four- and two-wheeled vehicles are being deployed to service the growth of on-demand mobility.
The shrinking dependence on personal autos and increasing adoption of emergent transportation modalities was the motivation for developing the new solution.
With Pilgrim, users get an intuitive solution to quote, bind, maintain, and claim for personal automobile protections. But that’s simply table stakes. Pilgrim employs unique technologies and adds gamification techniques combined with behavioral motivations to provide tailored coverages. I’ll disclose a lot more about Pilgrim’s features and benefits when Suncorp publicly launches the product.
Pilgrim is the third Powered by Trov application, and its launch by Suncorp will further showcase the power and versatility of our multi-product, end-to-end insurtech platform. With its depth of capabilities across core P&C insurance lines, more of the world’s leading consumer platforms and financial institutions like Suncorp in Australia, Lloyds Banking Group in the UK, and Bic Camera in Japan depend on Trov for their insurance innovation.
Much more to come…