Trov expands on-demand insurance in US
Trov, the insurance company, is now offering its on-demand services in four new US states: Delaware, Nevada, South Dakota, and Wyoming.
The firm says there’s no business strategy involved in picking these sates, as the firm plans to soon unleash these services across the country since it has got almost all state approvals. It’s first state launch was in Arizona last year.
The firm needs state-by-state approvals, which they have been acquiring in the past months. Each state government regulates insurance a little differently, so Trov says it has been adapting its tech platform and policies to comply with every state.
“Instead of paying a heavy insurance bill for a thick and brittle contract, consumers can now protect the things they care about – like a guitar, camera, or laptop – for as long (or as short) as you want and never overpay for coverage you didn’t use,” the firm says.
According to the company, residents of these states can now swipe insurance on and off using their phone, anytime and anywhere for any things.
The rest of the country can purchase normal services, just not on-demand insurance – yet.
Trov compares its “micro-duration” policies with Tinder or Spotify – but for insurance, which is why it’s called “on-demand”.