Lloyds partners for InsurTech platform
Written by Peter Walker
Lloyds Banking Group is partnering with InsurTech firm Trov to release a portfolio of end-to-end, white-labelled insurance products.
The Powered by Trov platform comprises four core modules: policy sales; including quoting, binding, billing and adjustments; claims, including consumer and business interfaces; business intelligence, including conversion, engagement and risk analytics; and customer relationship management.
These are the building blocks of the new insurance product line and can be configured for a variety of policy types, including homeowners, renters, motor and small business.
Scott Walchek, founder and chief executive at Trov, commented: “The launch of Powered by Trov marks the completion of our evolution from a single direct-to-consumer offering to a suite of robust, flexible InsurTech applications that empower incumbents to offer relevant products to the latest generation of digital natives.”
Jeremy Ward, home insurance commercial director at Lloyds Banking Group, added: “Modern consumers expect simple, engaging experiences in anything they do, and we’re looking forward to launching innovative new products to give our customers that kind of experience.”