Page 15 - Insurance Times September 2019

International

News

Hurricane response tool Trov launches "Powered by Trov"

for insurers launched by Trov, global leader in insurance technology, is introducing a portfolio of end-
to-end digital, white-labeled insurance products de-
Munich Re signed to be rapidly deployed by financial organiza-
tions and insurers.
Lloyds Banking Group will partner with Trov. Later
in 2019, Trov and Lloyds Banking Group will release
an innovative insurance product designed around
the evolving lifestyle of modern, connected UK consumers.
The platform comprises four core insurtech modules, including Policy Sales
(quoting, binding, billing, and adjustments), Claims (consumer and business
Munich Reinsurance Co. has recently interfaces), CRM (customer management), and Business Intelligence (conver-
launched a suit of damage prediction sion, engagement and risk analytics).
and claims services, which has been
specially designed for insurers to use With the launch of Powered by Trov, the San Francisco-headquartered technol-
before and after hurricane losses. ogy company is establishing itself as the preferred international partner for in-
surers and financial services enterprises seeking to go to market with innovative
Among the resources developed by insurance products and capture a new generation of consumers. Trov's white-
the reinsurer’s Remote Industries label products are infused with award-winning user experience design, take ad-
team are: damage predictions using vantage of Trov's expertise in on-demand coverages, and offer a means by which
aerial imagery and machine learning incumbents can innovate with little to no integration with legacy platforms.
starting four days prior to an ex-
pected hurricane, aerial views avail- Lloyd’s selects 11 InsurTech disruptors for its ‘bold new
able after the hurricane hits but
prior to claims adjusters entering strategy’
the affected area and damage as- Lloyd’s has selected 11 successful teams of InsurTech disruptors, out of more
sessments provided via machine than 130 applications were received from across the
learning algorithms. world for the third cohort of the Lloyd’s Lab. As part
of its future strategy, Lloyd’s has recently commit-
The services are available in United
ted to expanding the scope of the Lloyd’s Lab. The
States, including the U.S. Virgin Is-
eleven successful teams are aligned with this strat-
lands and Puerto Rico, the Bahamas egy and will start working in the Lab as part of a ten-week programme begin-
and the Cayman Islands, a Munich ning from September 2.
Re statement said.
The InsurTech start-ups are committed to finding solutions with the potential
The services, which are provided by to contribute to the ecosystem of services as part of the future at Lloyd’s vi-
MR Service GmbH, a wholly owned sion, including ways to enhance data sharing and provide new sources of risk
subsidiary of Munich Re, are avail- insight; pricing and risk models to help Lloyd’s market participants better un-
able to commercial and residential derstand threat scenarios; and ways to reduce the cost of processing claims
insurers, the statement said. as well as the burden of compliance and regulation.

The Insurance Times, September 2019 15