Mobile technology continues to smart its way into every service available, Insurance insutry is yet to be disrupted. The on-demand economy, which uses smartphone technology to immediately fill consumer needs, has changed the way people order food, a car, or a place to stay.
Now, technology start-ups are targeting the next business frontier – insurance – offering coverage with the swipe of an app.
Trov, a San Francisco Bay Area firm that provides smartphone-based on-demand insurance for individual assets, like computers or cameras, for any duration, launched in the UK on Tuesday, backed by AXA Insurance, a subsidiary of AXA SA.
“We literally track risk to the second so when you turn something on, it turns it on to the second and then it prices your usage to the second should you want to turn it off,” Trov CEO Scott Walchek said in an interview last week. “It’s literally the same swipe right to turn it on, swipe left to turn it off.”
The multitrillion-dollar insurance industry is poised to be transformed “beyond recognition” by new technologies like artificial intelligence, new payment systems, drones and blockchain, CommerzVentures GmbH said in a white paper in March. Adapted from Reuters