Trov and Waymo partner on insurance for ride-hailing
Trov, an on-demand insurance technology company, announced a partnership with Waymo, Alphabet's self-driving technology unit. Trov will provide trip-based insurance coverage for Waymo's upcoming ride-hailing service, underwritten by a non-admitted affiliate of Munich Re. The insurance coverage will reportedly include several protections for passengers for the duration of each trip including lost property, trip interruption benefits, and medical expense reimbursement.
Trov says its On-Demand Insurance platform enables people to turn protection on for individual items that they own, and pay for just the protection they need. By extending the capabilities of its platform and collaborating with Waymo, the company is entering into the mobility space
Waymo's Director of Operations Shaun Stewart, said, "Innovative technology needs innovative partners. Trov is pioneering a cutting-edge approach to insurance that's ideal for ride-sharing because it's customized for every trip. As we prepare to launch a commercial service, we're thrilled to collaborate with Trov to unlock the full potential of shared mobility."
Trov founder and CEO Scott Walchek, commented, "This partnership highlights the convergence of the future of transportation with the future of insurance. Waymo is making personal transportation more effortless, and so it follows that all associated aspects of a journey—including insurance—should be equally painless, with passengers' safety and peace of mind paramount. We are genuinely excited to be partnering with Waymo in developing innovations for insuring people and property in the evolution of personal mobility."
Andy Rear, CEO of Munich Re's Digital Partners, noted, "Trov is providing new avenues for developing markets like shared mobility, and this latest partnership exemplifies how their on-demand platform can be adapted for use in a variety of applications."