news Suncorp, the Australia-founded financial services company, has bought a US$5 million (A$6.59 million) equity stake in US-based tech firm Trōv.
The investment is part of Suncorp’s strategy to “create innovative platforms for customers”, the firm said in a statement, and comes as the pair prepare to launch a new insurance app in May.
Suncorp has an existing relationship with Trōv, having in 2014 helped establish Australia as a test market for the Trōv app, which enables customers to create digital inventories of their possessions on mobile devices.
Next month, the two companies are scheduled to launch an on-demand insurance platform called Trōv Protection, which will be integrated into the current Trōv app.
The new service – which Suncorp claims is a “world first” – is designed to offer customers “instant access” to insurance for single “important” items, such as cameras, tablets and laptops.
Trōv Protection will initially provide insurance for “technology items” only, with a broader range of options becoming available in coming months, Suncorp indicated.
Insurance through the app will be issued by AAI Limited, part of the Suncorp Group.
“Suncorp is proud to partner with Trōv to launch Trōv Protection,” said Suncorp CEO and Managing Director Michael Cameron. “This world-leading platform provides customers flexibility in how they insure their individual items – meaning they can switch their insurance ‘on and off’ as required from their mobile phones.”
“Trōv Protection is a significant step forward in making insurance easier and simpler for our customers, and is a great example of how Suncorp is creating value for customers,” he said.
The CEO explained that the two companies have identified strong customer demand for “a seamless experience” and, as a result, decided to combine efforts to create the Trōv Protection platform.
“We are excited to be investing in Trōv and look forward to building on these types of opportunities together,” Cameron added.
Trōv founder and CEO Scott Walchek commented: “Suncorp is one of the world’s most innovative insurers and this was a primary reason we selected Australia as the first market in which to launch.”
“Trōv is redefining the way people protect the things they care about, and in Suncorp we’ve found a partner with the vision and expertise to help introduce ‘on-demand’ insurance to the mobile consumer,” he said.