Trov’s US Renters Insurance Product, Underwritten by Markel*
Written by Jeff Berezny June 23, 2021
Following the success of our all-digital renters insurance technology in the UK, we’re bringing our ‘powered by Trov’ renters insurance to the US! We’re excited to work with Markel® as the insurance provider while we power the technology to enable companies to rapidly launch insurance to their customers.
Markel is a holding company for insurance with over 90 years of experience in the insurance space. Member companies of Markel offer specialty insurance for a variety of niche businesses across the globe, offering products in the casualty, property, professional lines, and surety segments of the industry. Its products are distributed through appointed retail agents, wholesale brokers, and intermediaries including underwriting authority delegated to MGAs and MGUs, and other alternative distribution platforms. Now Trov, as a leader in embedded insurance, is providing innovative, new digital distribution methods for Markel products in the US and is the chosen underwriter for the ‘Powered by Trov’ Renters Insurance Product in the US.
This renters insurance product is designed for use in a contextual environment where customers are already interacting with other products and services. The product includes core coverages expected by landlords and renters, including contents and liability, and is well suited for companies that serve communities of renters, including property management, rental search, and other proptech companies. It is also a compelling offering for neobanks and other ﬁntechs looking to expand their product lines and increase recurring revenue.
Trov makes it easy to embed Renters Insurance into an existing product experience. Trov provides two implementation approaches, Embedded via API or end-to-end White-label. For companies looking for a plug & play solution to rapidly get to market, Trov’s custom branded white-label solution gives partners everything they need to distribute insurance without having to worry about many of the insurance and technical hurdles. This includes policy onboarding, management, claims, and reporting. For a more integrated and customizable experience, partners can leverage Trov’s developer friendly APIs and UX libraries to get to market quickly and effectively. Furthermore, partners can play an active role in deﬁning the most suitable coverages for their community of customers.
To find out how you can get started with embedded renters insurance drop us a line here!
* Coverage is provided by one or more of the insurance companies within Markel and policyholder services are provided by the underwriting manager, Markel Service, Incorporated, national producer license # 27585, in California d/b/a Markel Insurance Services, license # 0645481. Insurance carrier, coverage, and services availability may vary by state. Terms and conditions for rates and coverages varies. Markel® is a registered trademark of the Markel Corporation, a Fortune 500 corporation.