Trov is one of a growing list of insurtech companies looking to modernize the insurance market by taking advantage of digital technologies. Large insurers are working with these young companies to improve their own digital products and services.
Japanese insurer Sompo Holdings Inc also joined the investment round led by Munich Re, bringing the total raised by Trov to $85 million, the startup told Reuters.
Existing investors Oak HC/FT, Suncorp Group, Guidewire Software Inc and venture capital firm Anthemis participated in the latest round.
In addition to investing, Munich Re and Sompo will work with Trov as underwriting partners as the company expands into Europe, Asia and South Africa, according to the joint statement.
Currently available in the UK and Australia, Trov plans to launch in the United States by the end of 2017, where it had previously announced a partnership with Munich Re.
Trov enables users to buy insurance for specific products, for a specific amounts of time through their smartphones. Users can turn insurance on and off with a swipe and also file claims through the app.
While Trov sells the insurance, manages the payments and takes a percentage of the recurring premium, it relies on large insurers as partners for underwriting and much of the required regulatory licensing.
In turn its partners are able to tap a growing segment of digital-savvy customers that they have traditionally struggled to reach, Scott Walcheck, Trov’s CEO, told Reuters.