‘Fun Company’- Trov In the era where the smartphone is taking over the world, with anything ranging from fast-food to apartment available at the click of a button, getting an insurance will be another of its palpable upshots. It will be a much needed respite from the cumbersome insurance paperwork for our young and lazy millennials (Yes, I am one of them!). Moreover, how cool it would be if you could just insure items like your favourite Trek Bike or your Canon DSLR with never again fearing about them getting damaged or lost? This is what this issue’s “Fun Company”, Trov, is all about.
fuN COMPaNY
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Trov is an on-demand insurance platform which lets you insure specific products and make claims for them by simply tapping on your phone screen. You can watch and learn more about this company from their video channel on YouTube ( https://www.youtube.com/user/trovchannel).
A ‘fun business microblog’ by Varuni Gupta
This is how it works: Trov starts with users first collecting their products (appliances, phone, laptop, musical instruments, etc.) in the app to keep a track of what all they possess. Trov just needs the make and the model to generate all the related metadata about the item to value it and generate a price for the insurance. Users can then connect or disconnect the various items for insurance through a simple swipe. Claims for the items can also be made by a simple ping in the app. Trov partners with insurance carriers in different geographic regions who offer balance sheets and regulatory risks. However, all the payments and claims are made through the app. Currently, no insurance company provides such a customized and easy offering which makes it difficult for them to engage young customers. As Jeff Berezny, VP of Marketing at Trov comments, *IIM Americas does not intend to endorse this company in any regard