Major insurer AXA is partnering with Silicon Valley insurance startup Trov to launch an on-demand, mobile-first service aimed at millennials in Britain. After registering items in the app, which pulls live valuation data from its database, people can “swipe” to turn insurance on or off on that item, like they would swipe on dating app Tinder. Prices are charged by the day and customers are billed at the end of the month for whatever coverage they’ve used. Claims are also handled by a “chatbot” – an artificially intelligent chat system – in the app.
California-based Trov lets people buy flexible insurance for single items through their smartphones. If, for example, you have got an expensive camera sitting in your cupboard that you only occasionally use, you can use Trov to get temporary insurance for the times when you do actually take it out and use it. Trov, founded in 2012, has built the technology that makes all this possible but does not provide insurance itself. The company partners with established insurers to provide the underwriting and has linked up with AXA for its UK launch. Walchek told BI that millennials pose an “existential risk” for insurers due to their love for on-demand services and mobile-first products.
unknownx500
