Investing in Japan
Latest UpdatesUS insurance tech startup Trov establishes LLC in Tokyo and starts sales of on-demand insurance
Nov 13, 2019
Trov is the world's leading insurance technology platform, enabling the new ways people live, work, and move. Its robust insurtech platform empowers financial institutions and insurance incumbents to rapidly deploy modern solutions for homeowners, renters, drivers, and small businesses. Its technology-enabled brokerage combines powerful software with bespoke insurance products to solve the complex risk management issues facing companies in emerging mobility and gig work. Trov's customers include industry leaders such as Waymo, Groupe PSA, Lloyds Banking Group, and Suncorp, amongst others.
It established Trov International Japan LLC in Tokyo in June 2017, and in the same year proceeded with the development of domestic insurance products together with Sompo Japan Nipponkoa Insurance.
To protect digital home appliances such as smartphones, in March 2019, Trov announced it will roll out on-demand insurance policies together with Bic Camera Group and Sompo Japan from April 1, under the title “Bic Insurance from One Day,” so that consumers can decide whether they want coverage for days, months, or longer. This new business model, which allows customers to use their web browser or smartphone to obtain a policy as needed, is expected to inject innovation in the insurance industry. The company aims to continue diversifying its lineup through sales of on-demand insurance and technological know-how.
To assist with the establishment of the company’s base in Japan, the JETRO Invest Japan Business Support Center (IBSC) provided consultation on labor matters as well as information on the market. The IBSC also introduced a local service office.