Podcast: five steps to reinventing insurance
Insurance dynamic duo: Trov and Anthemis
In the latest InsurTech Bytes – the podcast for the future of insurance by FinTech Futures (Banking Technology‘s sister company) – we learn from one of the best disruption duos in insurance: Trov and Anthemis Group.
Their aim is to turn insurance on its head and create a product that is “providing on demand insurance for the things you love”, as the Trov tagline goes.
1. Change perspective
Rather than viewing itself as an out-and-out insurance business, “Trov sees itself as a tech business that’s in the insurance space”, says Ed Axon, the company’s GM of business development in the UK. By moving its eye off the traditional insurance market and into the tech market, doors and audiences are opened and creativity is endless for Trov.
2. Break boundaries with the right VC
Trov and Anthemis Group have been partners since 2016. In a nutshell, Anthemis increases Trov’s exposure, brand recognition and networking opportunities, while Trov is becoming one of Anthemis’ success stories, adding significant value to their portfolio. “We try to find companies that are essentially reinventing the space in which they operate,” says Vica Manos, director, Anthemis. And it has certainly done that with Trov.
3. Put yourself in the user’s shoes
The user doesn’t want to think about the insurance that they’re buying, but rather consume it as an experience. “The Trov platform is changing the way that the financial services are experienced and consumed. The user of today wants an outcome or experience,” says Vica Manos, Anthemis.
4. The on-demand economy is here
We can all get food and holidays on demand, so why are the financial services any different? One of the key issues for insurance is that millennials are not engaging with what’s out there and what’s on offer. As explained by Trov’s Axon, it is “creating a model and a user experience that fits into the lives of millennials”, thus offering them the ease of access that they want. And to the insurers the audience that they want.
5. Find the way to your customers’ hearts
By tailoring their product, Trov is winning over their audiences by celebrating the things they love, Axon says. Recently, the company launched a photographers’ ambassador programme whereby photographers are sponsored by Trov, giving the insurtech insight into what the photography market wants and needs. By rolling this initiative across various categories and investing into them, Trov is pulling out a targeted audience and customer base and showing them a personalised service.
Listen to the full InsurTech Bytes podcast here:
It Takes Two, Baby: Trov And Anthemis On Reinventing Insurance
