Insurtech pioneer to be positioned with the carrier’s Personal Insurance segment
The growing integration between insurtechs and insurance carriers continues with the announcement that Travelers has acquired one of the earliest insurtech start-ups, Trōv. According to the official announcement Travelers has acquired all of the assets of Trōv, with the Trōv team and its embedded technology solutions being incorporated into Travelers’ Personal Insurance segment. No further terms of the transaction were disclosed.
Scott Walchek, Founder and CEO of Trōv, attributes the transaction to the company’s years of experience at the forefront of insurance innovation and credits Trōv’s team and partners for successfully introducing technologies and experiences that produced material change in the insurance industry. “Over the past several years Trōv has reimagined many components of the insurance value chain,” explained Walchek. “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.”
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 personalized solutions in their channel of choice.”
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.
Mr. Walchek’s Letter
In addition to issuing a company announcement, Mr. Walchek also published a letter on the Trōv website about his company’s acquisition, noting that the combination will “take Trōv’s unique embedded insurance capabilities to the next level.”
“The path leading up to today’s news has been well documented and lends shape to the contour lines of insurtech’s formative years. Since Trōv’s formation in 2012, we’ve designed and released technologies and applications that promoted more efficient distribution, improved engagement for the modern consumer, and challenged the boundaries of the insurance industry. Our world-first on-demand insurance application launched in four countries between 2016 and 2020. With “swipe-to-protect” simplicity and protections that were calculated with to-the-second accuracy, Trōv enabled modern consumers to interact with protections in ways never before possible and helped spark insurance’s digital transformation.”
Mr. Walchek noted that after the brief transition period, he will be leaving the company he founded and is looking forward to ” a few months off-piste to consider what’s next.” For those interested in reading the letter in full, it may be accessed on the Trōv website.