Partnering with Sompo to Bring Mobility Insurance Technology to Asia
Written by Scott Walchek December 10, 2019
Today, we announced our expanded partnership with Japan’s leading P&C insurer, Sompo. The link-up brings Trov’s mobility insurance technology into Japan and Southeast Asia’s burgeoning alt-transportation markets. The exponential growth of new transportation platforms in the regions where Sompo has its greatest influence is fertile soil for Trov’s mobility technology, which enables dynamic underwriting and delivers risk management solutions for emerging mobility-as-a-service platforms.
Trov’s mobility solutions are being activated in two distinct ways today, and it’s our intention to bring these capabilities to our expanded partnership with Sompo. First, our personal auto+mobility application, recently released in Australia by our long-time partner Suncorp, is designed for the urban dweller who owns a car but is using it less due to the broadening availability of alternative transportation options. In Japan and S.E. Asia, this phenomenon is most acute, and a personal mobility application that provides just-right protections for auto and alternative modalities could be a perfect offering. Second, Trov’s Mobility API that ingests real-time data from connected fleets combined with innovative insurance policies and Sompo’s underwriting expertise will bring new risk management capabilities to the numerous mobility services launching throughout the region.
In the early Spring of this year, Sompo added to their equity stake in Trov in anticipation of our expanded partnership. Alongside their investment, Sompo Digital Lab’s CEO Dan Ikehata joined Trov’s Board of Directors. Dan will bring an important voice to our board as both a representative of the opportunities in Japan and S.E. Asia and through Sompo Digital Lab’s influence, which will extend Trov’s reach into other emerging market segments.
Driving (pun intended) our mobility efforts is Ian Sweeney, our General Manager of Trov Mobility, who sees great potential in the partnership. “City-dwellers throughout Asia have been amongst the first to embrace new forms of mobility. High urban population density and pre-existing consumer behaviors are driving the rapid growth of on-demand transportation options and the market represents a large opportunity. We’re excited to be working with a trusted local partner in Sompo. The combination of their insurance expertise and our technology will be critical to enabling the mobility platforms to scale efficiently and manage their complex risks.”
Thanks, Ian, I couldn’t agree more.