Suncorp spends USD6.45m in insurance app

Suncorp has invested USD5 million into US fintech start-up Trov as part of a partnership that will see the developer’s on-demand insurance app launch in Australia in a month.

San Francisco-based Trov has managed to generate equity totalling USD25.5 million in its latest round of fundraising, building on an existing relationship between the app developer and insurer, according to a report on ITNews. The existing Trov app allows users to record details of their personal effects, like purchase prices, photos and serial numbers, and track their value changes over time.

The latest development sees the pair take the integration a step futher with the Trov ‘Protection’ product, which allows customers to buy item-by-item insurance instantly via a mobile phone. The insurance product will allow premiums to be switched on and off on demand, the developer said. Claims will be made via text message.

Australian users will be the first to get their hands on the Trov Protection app next month, with the UK to follow in the second half of 2016, and the US and other countries after that in 2017. It will the underwritten by Suncorp Group’s AAI Limited.