Trov and Lloyds Banking Group launch renters insurance product

Trov has launched its first white-label insurance product under its partnership with Lloyds Banking Group.

The end-to-end digital renters insurance application utilises Trov’s technology to enable renters to activate the base home coverage as a monthly subscription and easily turn protection on or off for individual items, from a connected device and without any agent involvement.

Trov is powering an all-digital claims experience that puts the user at the centre, enabling them to easily submit, track, communicate and settle a claim.

Lloyds Banking Group’s Halifax Home Insurance, which is bringing the insurance application to market, has also adopted Trov’s back-office modules to effectively manage the product.

The back-office suite includes Trov’s customer relationship manager, a claims agent interface, and a business intelligence application for financial reporting and performance analytics.

The release of the new white-labelled product with Lloyds Banking Group follows the launch of the Powered by Trov platform earlier this year.

Powered by Trov, comprised of four core insurtech modules, including policy sales, claims, customer management and business intelligence, enables insurance products to be quickly designed and rolled out by financial services organisations.

Scott Walchek, chief executive officer and founder of Trov, said: “By combining an affordable monthly subscription policy with on-demand coverage for personal items, Halifax Renters powered by Trov delivers a modern all-digital experience with unsurpassed flexibility, speed, and convenience.”

“Our white-label applications are purpose-built to empower incumbents around the globe to rapidly introduce all-digital insurance products designed to meet the expectations of today’s consumer.”

Jeremy Ward, head of home insurance at Lloyds Banking Group, added: “Working with Trov, we’re taking the hassle out of home insurance for renters, giving them peace of mind that their belongings are covered should the worst happen.”

The renters insurance application is the third in Trov’s white-label product line and arrives less than a month after the announcement of its Auto & Mobility application in Australia, in partnership with Suncorp Group.