Halifax Renters - Powered by Trov
Halifax Renters is an innovative all-digital insurance application entirely Powered by Trov
Last week Halifax, a leading financial institution and prominent member of the Lloyds Banking Group released an innovative Renters insurance application in the United Kingdom. This beautiful, all-digital application - along with its many components - is entirely Powered by Trov and is the third product in our white-label product line.
You may recall a few weeks back that we announced our partnership with Lloyds Banking Group, the UK’s largest and oldest bank. At that time we said we’d partnered to release innovative insurance applications in the UK, but didn’t disclose which insurance product would be released first. Well, this is that.
And here are 5 reasons why this release is important:
- Building on our investment in and learnings from Trov’s on-demand insurance app, we’ve significantly expanded the underlying technology and in just the last six weeks launched two entirely new, highly innovative, all-digital insurance applications: one for Renters/Home (Halifax Renters) and one for personal Auto+Mobility. In the past, we distributed and branded our own insurance application. No longer. Today, we’re enabling insurers, financial institutions, and consumer platforms to offer compelling, highly competitive, beautifully designed, and cutting edge applications under their brands. This is the new Trov.
- Halifax Renters Powered by Trov is a first-of-its-kind Home/Renters insurance application that offers a monthly subscription for Home coverages (liability coverage and protection if something crappy happens, like fire or flood). Plus it adds something new, Anywhere Cover: on-demand insurance for the things you care about when you take them out of your home. Taking your DSLR camera on a trek? With a couple of taps, turn on protection against damage, loss, and theft anywhere in the world, and keep it on for literally any duration of time. Just right insurance, just when you need it. And every bit of the experience is simple, beautiful, flexible and completed entirely on your smart device, laptop, or desktop.
- Halifax Renters perfectly captures the evolution of Trov’s game-changing on-demand insurance app (protect anything, anywhere, for any duration). The users of our app overwhelmingly signaled that they loved our app’s convenience and flexibility, but that it needed to be integrated within insurance they already had, or needed. So, within Halifax Renters we’ve seamlessly embedded the ability to add any item anytime, for any duration - into a subscription Renters policy. We think this is where on-demand protection for items will find its highest and best use.
- What users see when they’re getting a quote, buying protection, adding or removing items, or lodging a claim - are only a small part of all that’s behind the whole experience. The Powered by Trov chassis, on which Halifax Renters is constructed, is a complete reinvention of the critical components of the insurance value chain: engagement, pricing/quoting, binding, policy management, on-demand item coverage, mid-term adjustments, FNOL, tracking claims progression, interacting with claims agents, sending and receiving payments, performance analytics, even customer management. We had to reinvent it all for two reasons: to support the new ways that people expect to interact with financial services, and because our partners told us that their legacy platforms were in intensive care, and it would be a long while until they’d be ready to innovate on their internal systems.
- Halifax Renters is a glimpse into what’s in store for an industry hungry for streamlined pathways to innovation that don’t require heavy integration or depend on legacy infrastructure. The Powered by Trov platform is born cloud-native, designed for global deployment (already deployed on 4 continents), and is compliant with the latest bank and insurance-level security requirements (think about the rigor that Lloyd’s Banking Group undertook when evaluating our security compliance!). Our products are designed so that insurers (and those offering insurance products) can rapidly deploy innovative new services to their current customers, and capture altogether new ones. In the near future, we will complete (and announce) several additional partnerships that will extend both the scope of our White-Label product line and also expand our global footprint.
You really should check out Halifax Renters and all it offers subscribers. Take a tour of the Halifax Renters website: Click here. And don’t miss Jeff Berezny’s grand tour of Trov’s Renters application and our back-office suite of applications, here.