Trōv

Trōv revolutionized the insurance industry as the world's first on-demand insurance platform for single items, allowing users to insure whatever, whenever through a mobile app. Founded in 2012 by Scott Walchek, a successful technology entrepreneur with a track record of building companies like Macromedia and serving as co-lead investor and founding director of Baidu, Trōv started as a platform for digitally storing an inventory of valuable possessions before pivoting to become an insurance innovator.

Trōv's breakthrough innovation came in 2016 with the introduction of micro-duration insurance policies for items like guitars, laptops, cameras, and other valuable possessions. The platform allowed users to turn coverage on and off with a swipe, paying micro-premiums measured down to the cent for protection lasting as little as seconds. This revolutionary approach to insurance utilized chat robots to manage claims and provided unprecedented flexibility for consumers who didn't need traditional annual policies.

The company evolved beyond consumer on-demand insurance to create enterprise solutions, including embedded insurance APIs for the gig economy, transportation sector, and even coverage for passengers and items in autonomous vehicles. The Embedded API product became an Insurance-as-a-Service solution allowing affinity brands to distribute insurance products to their customer bases, handling all insurance complexity from state-by-state compliance to insurance-specific business rules.

In February 2022, Trōv was acquired by Travelers Insurance Group, bringing its innovative technology and team into Travelers' Personal Insurance segment. Most Trōv team members joined Travelers, and the technology has been positioned to enhance Travelers' digital insurance capabilities. Though Trōv no longer operates as an independent brand, its legacy as a pioneer of on-demand and embedded insurance continues to influence the insurtech industry. The company raised over $114 million from leading venture capital firms and strategic partners during its decade of innovation.