Insurtech app Trov looked like it was going to be one of the big names in insurance a few years back. Raising some $45 million in venture capital in 2017, and bagging a partnership with Peugeot-Citroen last year on ride-sharing cover, all looked set fair for the gadget insurance brand that wanted to offer millennials the power to cover stuff they loved with just a few taps on the app.
The trouble with millennials is that they often think stuff should be free, as in you don’t have to pay for it. Yeah, #truestory #Mybad.
So although Trov had some success, it has taken a step back in the UK, with this formal announcement issued last week (see below) – but where does Trov go from here?
“In 2016, Trov was the first company in the world to launch On-Demand Insurance, allowing people to protect their items easily. In 2017, we proudly brought Trov to the United Kingdom, and over the years, we’ve learned a lot about how to make insurance better.
Inspired by our learnings in the UK, Trov began embarking on another adventure—to bring digital insurance solutions to innovative businesses all over the world in a variety of sectors like finance, insurance, mobility, and retail. We’re taking a more focussed approach towards that effort globally, and will be announcing new products and partnerships related to the UK later this year.
As we look ahead to an even more exciting future for Trov in this market, we have made the difficult decision to say goodbye to Trov’s On-Demand Insurance consumer offering in the UK, with protection ending on 1st October 2019.
We would like to thank our customers, who have and always will be an integral part of our success in the UK, and in changing the way insurance works. As a symbol of our gratitude, we are offering them free insurance coverage for their currently insured items throughout the duration of their contract with Trov.
While the On-Demand Insurance app is shutting down, we are as passionate and dedicated about improving insurance in the UK than ever before. Watch this space.
AXA has been a great partner to Trov for more than three years and was an integral part of our UK launch. We’ve learned a great deal from our successful partnership and our UK customers.
Trov and AXA’s exclusivity period expired toward the end of 2018. At that time, we worked together to understand the future of our consumer offering. Together, we made the difficult decision to say goodbye to Trov’s On-Demand Insurance consumer offering in the UK.
We work with many global partners and are excited to continue innovating alongside them, and AXA, on future opportunities as they emerge.”
Insurance Edge Comment;
It is sad to see a new idea struggle to reach its full potential, but the pathway to PAYG on-demand gadget cover is paved with good vibes and twenty pound notes. Fact is, it costs an absolute fortune to launch and develop a new brand name, plus all the after sales experience that truly builds loyalty, in these fickle days. Buying influencers on social media, slick ad campaigns, app development, rewards and freebies to sweeten the deal for early adopters – the list goes on.
Trov have done some really useful digging here in the UK, so they still have a chance to build a customer base that wants flexible cover on bikes, tablets, smartphones, sound bars, car-sharing, festival trips etc – all the expensive detritus of a boho urban lifestyle basically. The big problem is that so many millennials already have 24/7, wrap-a-round insurance that ultimately pays for every emergency and buys them a new-for-old item.
They’re called parents.