Insurtech pioneer's team to join
company
SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- Trōv, one of
the earliest and most widely recognized insurtechs, today announced
that its technology has been acquired by The Travelers Companies,
Inc. (NYSE: TRV), a leading provider of property casualty
insurance for auto, home and business. Most members of Trōv's team
have also joined the company. Terms of the transaction were not
disclosed.
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.
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.
Walchek said, "Over the past several years Trōv has reimagined
many components of the insurance value chain. 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."
Trōv's team and embedded technology solutions will be positioned
within Travelers' Personal Insurance segment.
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."
About Trōv
Trōv is a global leader in embedded insurance, powering the
future of digital distribution. Its APIs and white-label software
enable brands to rapidly deploy modern P&C insurance solutions
in home, renters, auto, pet, small business and mobility. For more
information, visit www.trov.com.
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