Major PropTech deal heralds expansion of insurance to tenants

Californian PropTech firm Trov, specialising in digital insurance for tenants, has announced a deal with major UK rental companies. 

The deal is with Hamilton Fraser - already a major provider of insurance and services to the UK private rental sector - and four other domestic PropTech brands, Ideal Flatmate, Movebubble, Vaboo and good2rent.

They join existing Trov partners including Love to Rent, OpenBrix, Moovshack and Movinghub. 

A statement from Trov says that with the majority of the UK now returning to a more typical daily routine -  which will involve leaving homes and possessions unattended for the first time in over a year - Trov’s renter insurance will allow its partners to bring peace of mind to their customers.

“By enabling our partners to deliver a compelling user experience while helping to close consumer protection gaps, our embedded insurance capabilities increase customer loyalty, lifetime value, and delivers high-margin recurring revenue. Our APIs and no-code options combined with a growing network of insurance products mean that digital brands will benefit from offering a wide array of flexible insurance products to their customers” says Scott Walchek, founder and chief executive of Trov.

The Californian business calls its product “Embedded Insurance” which can be white labelled to suit the individual partner company.

Eddie Hooker, chief executive of Hamilton Fraser, adds “Having been providing high quality insurance for the last 25 years, we know that in order to meet the ever-changing needs of the customer, we must always be searching for new ways to adapt our business. 

“Our collaboration with Trov will allow us to continue offering the most reliable products to our customers as well as keeping us at the forefront of innovation in our sector. We have been protecting and working with landlords for over two decades, and we are excited to now be able to expand our service to include and offer flexible renters insurance to the wider pool of customers.”