Trōv, one of the earliest and most widely recognized insurtechs, announced that its technology has been acquired by The Travelers Companies, Inc. (NYSE: TRV), a leading provider of property casualty insurance for auto, home and business.
Most members of Trōv’s team have also joined the company. Terms of the transaction were not disclosed.
Trōv is credited with introducing numerous digital solutions that inspired the transformation of the insurance industry over the last several years, including on-demand insurance, claims-chat, micro-duration policies, and all-digital user experiences.
Scott Walchek, Founder and CEO of Trōv, attributes the transaction to the company’s years of experience at the forefront of insurance innovation and credits Trōv’s team and partners for successfully introducing technologies and experiences that produced a material change in the insurance industry.
Walchek said:“Over the past several years Trōv has reimagined many components of the insurance value chain. Travelers is the ideal company to harness our experience and take our technology to the next level. All of us are leaning into this opportunity with enthusiasm.”
Trōv’s team and embedded technology solutions will be positioned within Travelers’ Personal Insurance segment.
Michael Klein, President of Personal Insurance at Travelers, said:“This is yet another example of how we’re investing to enhance the experience for our customers, agents and partners. We’re excited about the important innovation we have underway, and Trōv’s sophisticated technology and talented team will help accelerate our ongoing efforts to provide customers with personalized solutions in their channel of choice.”