Lloyds in insurance joint venture with US start-up Trov

By Roger Baird on 8th August 2019

Fintech

Britain’s biggest bank said the business will target homeowners and small firms.

Lloyds in insurance joint venture with US start-up Trov
Image source: Flickr

 

Lloyds Banking Group will sell insurance in a joint venture with a US Insurtech platform aimed at homeowners and small businesses.

Britain’s biggest bank, by customer accounts, will sell white-label insurance products by San Francisco-based platform Trov, covering billing, claims, customer management and risk analytics.

Trov said it will sell insurance products using its “award-winning user experience design” and will allow high street financial services firms to “innovate with little to no integration with legacy platforms”. It said the products it sells will target homeowners, renters, car owners, and small firms.

The fintech said it will begin its partnership with Lloyds later in the year. 

Trov was founded in 2012 by serial entrepreneur Scott Walchek and counts Suncorp, Waymo and Groupe PSA among its clients.

 

Targeting digital natives

The start-up, which employs more than 90 staff, has raised over $114m from venture capital firms and strategic partners such as Munich Re, Markel and Anthemis.

Trov chief executive Scott Walchek said the launch “marks the completion of our evolution from a single direct-to-consumer offering to a suite of robust, flexible insurtech applications that empower incumbents to offer relevant products to the latest generation of digital natives”.

In a 30-year career Walchek has launched and grown five software start-ups resulting in either IPO or acquisition by companies such as Adobe and Yahoo. 

Lloyds Banking Group home insurance commercial director Jeremy Ward said: “Modern consumers expect simple, engaging experiences in anything they do, and we’re looking forward to launching innovative new products to give our customers that kind of experience.”

Lloyds Banking Group - which includes Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows - holds around 26 million customer accounts.

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