The future in automating Personal Lines?

If TROV is truly going after millennials, why spend hundreds of thousands at POS?

To begin with, this article written November 2016 set the stage illustrating it’s more than On-Demand Insurance.  By the second paragraph, it mentions:  “does this represent a paradigm shift in the making from traditional underwriting?”

The first time seeing TROV On-Demand, my next question was more like Always-On?

When you analyze TROV even further, don’t forget this statement: “Trov chief executive says most people do leave the insurance on 24/7, but they value having the option to turn it off.”  So, insurance for most is Always-On.

On-Demand a great attention getter, buzzword, get you what is TROV really after?  Capturing your things in order to create more value.  If TROV can create more value, they may have you for a lifetime.

Since it’s a true statement TROV desires to capture your things, then bring you a great experience.  How does POS come into play?

Which begs an overall question from here?  Is TROV more about the customer first, or more about capturing what you own first?  If its what you own first, then why would it matter millennials, Gen-X or Y or Boomers?

It doesn’t, which leads us to the next question.  Why so much emphasis spending hundreds of thousands on global patents at POS and warehousing?

Here are key words or phrases itemized from TROV news/blogs

  • Trov covers items around $1,000, which makes the company  [a numbers $ game] rather than a policy game
  • unbundled opportunities for auto, home, small business insurance
  • The automated approach to data collection is fundamental at Trōv
  • Eventually it will automatically add the cost of insurance
  • The future for personal lines insurance is all about “engagement” at TROV
  • This is an entirely dis-intermediated experience through a smartphone app

How quickly could we summarize On-Demand vs Capture + POS + Automation + Insure?

So the question was asked:  Is TROV really a success story?  TROV has good publicity, but the market is not very receptive to such offers and that sales are very disappointing.  Do you know otherwise?”

IMO TROV is still in the start up phase well beyond On-Demand; how?

Slice this anyway you want, but now that insurers are in place, patents in place; this is the game few if any on a global scale get to play, TROV and Insurers are almost ready for:

At Point of Sale when our things are moved to the cloud via credit card.

TROV directs attention to insurer in geographical area.

  • Customer
  • Point of Sale
  • Credit card
  • AI / $ Automation
  • Transfer to TROV
  • Insurer Alert > Insured Link
  • Integration thru OEM – Retailer

Intermediaries not part of this process – cost savings + paperless + ?

Don’t forget this to: “Next to come after reading the Inbox will be scanning barcodes, using metadata, or taking a feed from services such as Zoopla. These are just some of the ways to get data in.  Mobile app / Barcode / Metadata / Auto- Insure

Underwrite [bundled single items] by [compiling-actual-dollars] written in semi or real-time;  now a $-numbers game  – no longer a policy game.

TROV is in the game with an exclusive group, where are you headed?

Author Bio:

Stephen Temple has been an entrepreneur in the development of new systems since 1995.  He has more than 20 years of experience in personal lines automation, and new underwriting principles within the development of a Global Digital Repository.  Tomorrow’s GDR will be measured by its ability to capture a person’s personal-assets, and use this information to deliver enhanced services to consumers and to business partners.

All information, ideas expressed are from Stephen Temple with 22 years studying automation in Personal Lines.  Not associated with TROV, only to gather hard data, then combine with what we know, and possibilities.

About the author

Arnold Smith

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