The insurance industry is one of the least changed parts of our thoroughly modern economy. While banks have embraced mobile banking platforms, and retailers are enticing shoppers back to stores with virtual and augmented reality, insurers, on the whole, are largely stuck somewhere in the late Twentieth Century. But not for much longer because of innovators like Trov.

We sat down with Jeff Berezny, Head of Growth and Design at Trov, Inc.  In the story that follows you’ll hear not only how Trov has disrupted the marketplace in the United Kingdom and Australia, but also has a vision to make that disruption global with its planned entry into the United States and Asia.

InsuranceTech Insider (ITI):  How did Trov get started?

Jeff Berezny (JB): Trov On-Demand Insurance was developed out of a growing sense of frustration with the typical insurance company experience. There are some pretty obvious gaps in the way things have traditionally been done in everything from how difficult it is to onboard, to how inflexible policies are, and most notably how policies lack transparency about what is covered when and under what circumstances.

These gaps were the real motivation to see how we could fix the customer experience. Our aim was to put the customer in control of the transaction as well as removing onerous contracts, and cumbersome interactions that make everyone dread dealing with insurance claims and companies.

ITI: How does Trov work?

JB: Trov’s model is straightforward; we offer our customers the ability to insure one item at a time, for a specified period of time, and price our policies accordingly. So, for example, a Trov customer could insure their camera for a week long period while they were on vacation, or on assignment.

Trov is an app-based tool, but can be accessed on the web as well. Customers can add items to their inventory, or “treasure trove” and when they need to protect an item, they simply select that item and swipe right to protect it. Protection begins immediately and is in effect down to the second. When they return from vacation, or assignment, the user can simply swipe left to end the coverage.

While I’ve used the example of a camera, Trov has a comprehensive list of items that are covered for loss, theft, or damage. In Australia and the U.K. we’ve covered electronics and photography equipment with other categories coming soon, including sports equipment, musical instruments, watches, jewelry and more.

ITI: What happens when a customer makes a claim?

JB: If a customer does need to make a claim, they can carry out the entire process via an easy chatbot experience– from filling in what happened where, to uploading photographic evidence of the damage.  There’s always an agent present to review and assist if needed, but many customers can complete a claim using the automated process.

ITI: How do you manage waste, fraud, and abuse?

JB: It might seem like we’d be a target for fraudulent claims given how easy we’ve made the entire process to carry out via the app or web, but we put data to work to ensure the integrity of all claims.

It starts with the app. Because every step is done via a smartphone or the internet, there’s a complete digital record – from location data to time data — of each step. The app effectively authenticates each transaction and ensures the authenticity of the initial insurance process and then any claim that is made. As we collect more data from both the individual, Trov learns and further reduces instances of fraudulent behavior. Since the underwriting rules are dynamic, we can adjust the rules in response to behavior patterns and other data-driven insights.

ITI: What technologies power Trov?

JB: It’s important to note that Trov was created to bring an antiquated industry into the 21st Century and make it easy for consumers to protect the things they love. That’s why we leveraged technology that already exists in smartphones to create an application with a simple interface that allows users to protect the things with just the swipe of a finger. Smartphone technology has been around for several years, we’re just among the first to leverage it for insurance. We’ve also introduced a chatbot to get the claims process started, wherever they are. This chatbot will get smarter over time as we learn more about how people are interacting with both it and our application.

This has made it possible for Trov to revolutionize the insurance industry and engage with the consumer in the way that is most relevant to them. Today, consumers expect to be in control and expect to be able to interact with services ‘on-demand.’ In being able to intelligently protect anything, anytime, anywhere, Trov makes that a reality.

For additional information on Trov and their insurance products, visit them online at www.trov.com.