One of the ancient truths within insurance is that people who own property take out Contents cover, but those who rent will hardly ever want to buy any home insurance.
OK, some renters are in flats that are fully furnished, so probably think `that’s the landlord’s problem mate.’ But many tenants own expensive tablets, laptops, watches, bicycles, designer clothing or things like the tools of their trade – all these things are nickable, so that means you need insurance. Here’s some news that may just change attitudes within the rentals market;
Trov (www.trov.com), a global leader in insurance technology, today announces the launch of its end-to-end digital renters insurance application, brought to market by Halifax Home Insurance, part of Lloyds Banking Group.
The population of renters in the UK has risen from 2.8 million in 2007 to 4.5 million in 2017, and two-thirds don’t have insurance for their possessions. The insurance product includes blanket coverage for items in the home, on-demand insurance for individual items taken out of the home, plus liability and emergency accommodation cover.
Trov’s technology enables renters to activate the base home coverage as a monthly subscription and easily turn protection on or off for individual items, entirely from a connected device, and without any agent involvement. Furthermore, Trov is powering an all-digital claims experience that puts the user at the centre, enabling them to easily submit, track, communicate and settle a claim.
Halifax Home Insurance, part of Lloyds Banking Group has also adopted Trov’s back-office modules to effectively manage the product. The back-office suite includes Trov’s customer relationship manager, a claims agent interface, and a business intelligence application for financial reporting and performance analytics.
“By combining an affordable monthly subscription policy with on-demand coverage for personal items, Halifax Renters powered by Trov delivers a modern all-digital experience with unsurpassed flexibility, speed, and convenience,” commented Scott Walchek, Trov CEO/Founder. “Our white-label applications are purpose-built to empower incumbents around the globe to rapidly introduce all-digital insurance products designed to meet the expectations of today’s consumer.”
Jeremy Ward, Head of Home Insurance at Lloyds Banking Group, adds: “Working with Trov, we’re taking the hassle out of home insurance for renters, giving them peace of mind that their belongings are covered should the worst happen.”
The renters insurance application, in partnership with Lloyds Banking Group, is the third in Trov’s white-label product line and arrives less than a month after the announcement of its Auto & Mobility application in Australia, in partnership with Suncorp Group.