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Suncorp puts more funds into Trov

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Suncorp has invested a further $US3.1 million ($4.1 million) in US-based technology developer Trov as part of a wider fundraising to drive global expansion of an app tested in Australia.

The insurer retains a 6% interest in Trov, which offers instant access to insurance for single items such as cameras, tablets and laptops.

“This partnership enables us to gain further insights and understand the challenges that may affect our customers,” Suncorp CEO Michael Cameron said.

“In the case of Trov, we realised there are many people in the Millennial age group who aren’t insured because traditional home and contents insurance policies did not meet their needs.”

Suncorp helped establish Australia as a test market for the app, and last year announced it was investing $US5 million ($6.6 million) for an equity stake in Trov.

The additional investment is part of a $US45 million ($59.9 million) venture capital funding round led by Munich Re/HSB Ventures. It brings the insurtech’s total funding to about $US85 million ($113.2 million).

Trov has expanded to the UK and has secured Munich Re as its underwriter to move into the US market this year.

The additional funds will support global expansion, a widening of item categories covered and new product development.

Other investors include Tokyo-based Sompo Holdings, which will help bring the insurance app to Japan.

Munich Re is also expanding its strategic alliance to include underwriting throughout Europe, Asia and South Africa.

“Trov’s early success in Australia and the UK is demonstrating that modern consumers want a new way to protect their things,” Trov founder and CEO Scott Walchek said.