Trov and Sompo partner to expand Global Mobility Solutions

Insurance technology platform Trov is to partner with Sompo Holdings to launch Mobility Solutions, a new “Powered by Trov” collaboration that expands the company's mobility footprint to Asia.

By combining Trov's Mobility Insurance Platform with Sompo's local market knowledge and operations, the partnership is designed to address the complex risks emerging from new mobility services.

Catering to the needs of new transportation businesses such as micro-mobility, car-sharing, ride-hailing, and autonomous vehicle fleets, the partnership will leverage Trov's Vehicle Activity API to identify risks and create new experiences for the operators and customers of the mobility platforms, all based on data received from connected vehicles and devices.

Earlier this year, Sompo Holdings deepened its financial investment in Trov, and Dan Ikehata, CEO of SOMPO Digital Lab joined its board of directors.

"We're excited to partner with Sompo throughout key regions in Asia," said Scott Walchek, founder and CEO of Trov. "Their influence and underwriting expertise combined with Trov's insurance technology and mobility API will bring dynamic, data-modified insurance coverages, risk management services, and new customer experiences to transportation providers and their users throughout these regions."

Koichi Narasaki, group chief digital officer, executive vice president and executive officer at Sompo Holdings, added: "With the mobility-as-a-service sector maturing, mobility businesses need a risk management and insurance service solution that meets their dynamic risk needs. By leveraging Trov's technology platform, Trov and Sompo will integrate insurance and mobility services, and dramatically change the customer experience."

This is Sompo's second engagement with Trov and follows the recent launch of single-item coverage, which is being white-labelled by an online retailer for electronics in Japan and underwritten by Sompo.

In late 2017, Trov launched its Mobility Insurance Platform to provide tailored insurance solutions for companies disrupting the mobility space, including Alphabet's self-driving ride-hailing service, Waymo. Most recently, Trov announced it is the official insurance technology partner for car manufacturer Groupe PSA's car-sharing service, Free2Move.

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