Trov, a global leader and pioneer of on-demand insurance technology, today announced a partnership with Seguros Sura Brazil, one of Latin America's largest P&C insurers, to be the first to introduce on-demand insurance applications in Brazil.
Recent regulatory changes advocated by SUSEP, have enabled insurers to offer on-demand insurance products to consumers and businesses in Brazil. Unlike traditional annual policies, on-demand insurance delivers policies of infinitely variable durations, such as by the month, week, day, hour or even second. Additionally, coverages can be easily modified without any interaction from an agent. As consumer behavior shifts with the global pandemic, the need for all-digital, flexible insurance solutions is further amplified.
Trov's world leading insurance technology platform will enable SURA to underwrite robust all-digital P&C insurance applications branded by Brazil's most prominent financial institutions and consumer platforms. Trov and SURA will begin by launching a flexible on-demand insurance product for personal valuables and mobility, and expand to other insurance products such as auto, home and small business. Additionally, with SURA's extensive footprint throughout Latin America, the companies intend to expand to other countries in the region.
"SURA is an immensely innovative underwriter with the ambition to offer modern, customer-centric insurance experiences," commented Scott Walchek, CEO/Founder of Trov. "We're genuinely excited to work with SURA and their distribution partners to bring personalized, all-digital insurance applications to the Brazilian market, and throughout Latin America."
"We recognize the potential of Latin America's insurance market in light of recent regulatory changes, and invested in Trov's innovative insurance model to meet new consumer demands," said Thomas Batt, CEO of Seguros Sura. "Trov's proven track record in on-demand insurance makes them the ideal partner with whom to deploy modern insurance applications in Brazil and beyond."
Grupo Sura Holdings (Seguros Sura Brazil's parent company) participated in Trov's Series D financing in 2017, joining other strategic investors Munich Re Ventures, Sompo, Suncorp, Markel, Guidewire and others.