Trov and Waymo launch trip-based insurance for ride-hailing
Trov, an app-based insurance platform that offers insurance for micro-duration policies, is teaming up with Waymo, the self-driving car project of Google's parent company Alphabet.
Today, Waymo is the first company in the world with a fully self-driving car fleet on public roads.
Founded in 2012, Trov is now available in the United States, Australia and the United Kingdom. Trov's application enables people to insure single items for the period of time they need from the comfort of their mobile device. Trov also provides tailored insurance technology for companies innovating in the mobility space.
Last November, Waymo announced plans to launch a commercial ride-hailing service in Phoenix, Arizona in 2018. Trov will provide trip-based insurance coverage for this new service, underwritten by a non-admitted affiliate of Munich Re. The insurance coverage will include several protections for passengers for the duration of their trip, including lost property and medical expenses.
Founder and CEO of Trov Scott Walchek said: "This partnership highlights the convergence of the future of transportation with the future of insurance. Waymo is making personal transportation more effortless, and so it follows that all associated aspects of a journey - including insurance - should be equally painless, with passengers' safety and peace of mind paramount."
Use in other applications
CEO of Munich Re's Digital Partners, Andy Rear added: "Trov is providing new avenues for developing markets like shared mobility, and this latest partnership exemplifies how their on-demand platform can be adapted for use in a variety of applications."
Trip-based insurance policies could prove to be particularly useful for the burgeoning shared mobility services. At a time when users and corporate policies start gravitating towards pay-per-use mobility solutions, it makes sense for insurance policies to follow a similar path.