Today sees the launch of the UK's first 'on-demand' insurance cover through the free mobile app Trov, with the insurance it provides underwritten by AXA Insurance.
The insurer believes traditional insurance needs have evolved and its partnership with Trov is a clear response to this. Using the Trov app, consumers can upload items to their cloud-based inventory and purchase individual insurance, underwritten by AXA, for those items at the touch of a button, giving them complete control. With its automated process, Trov allows individuals to protect the things they want covered, for the period that suits them.
As Managing Director at AXA Insurance, Gareth Howell says: "AXA identified a clear opportunity for a simple, hassle-free and cost-effective insurance solution for consumers who want to insure specific items valuable to them without being tied to traditional types of insurance policies, and our partnership with Trov allows us to fulfil that need.
"The UK insurance market is evolving and we are responding to the changing environment and increasing consumer appetite for 'on-demand' services. It is essential for insurers like AXA to adapt and innovate. As such we are delighted to playing an instrumental part in the introduction of on-demand, single item insurance to UK customers."
The partnership brings new possibilities for AXA to engage with customers for whom traditional forms of personal possessions insurance are not relevant. Trov's mobile interface brings ease and simplicity and its inventory-based platform gives consumers an immediate view of the things they own along with the ability to purchase insurance for individual items on-demand.
The launch of Trov in the UK, in partnership with AXA, marks an exciting step for the UK insurance industry; allowing consumers to have complete control of their insurance needs.