In November, Waymo, formerly Google's Self-Driving Car Project, announced that it would launch a commercial ride-hailing service to members of the public in Phoenix, Arizona in 2018. Trov will power trip insurance customized for passengers of Waymo's soon-to-be-launched service.
As self-driving cars unleash new forms of shared mobility, the future of transportation will expand beyond personal car ownership, providing opportunities to explore new trip-based insurance models.
Waymo has partnered with Trov, a licensed insurance broker, to provide trip-based insurance coverage, underwritten by a non-admitted affiliate of Munich Re. The insurance coverage will include several protections for passengers for the duration of each trip including lost property, trip interruption benefits, and medical expense reimbursement.
Today, Trov's On-Demand Insurance platform enables people to easily turn protection on for individual items that they own, and pay for just the protection they need. By extending the capabilities of its platform and collaborating with the leader in autonomous vehicle technology, Trov is developing new approaches to delivering insurance. This partnership marks Trov's entrance into the mobility space, the first in a suite of solutions tailored to serve both today's and tomorrow's modes of transport.
Waymo's Director of Operations Shaun Stewart said, "Innovative technology needs innovative partners. Trov is pioneering a cutting-edge approach to insurance that's ideal for ride-sharing because it's customized for every trip. "
Founder and CEO of Trov Scott Walchek added "This partnership highlights the convergence of the future of transportation with the future of insurance. Waymo is making personal transportation more effortless, and so it follows that all associated aspects of a journey - including insurance - should be equally painless, with passengers' safety and peace of mind paramount. "
CEO of Munich Re's Digital Partners, Andy Rear: "Trov is providing new avenues for developing markets like shared mobility, and this latest partnership exemplifies how their on-demand platform can be adapted for use in a variety of applications."
Edited by G. Davila
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