We’ve jumped in the front seat with our new partner Groupe PSA’s car-sharing service, Free2Move
With Trov, Free2Move is seeing a 30% cost savings over traditional insurance models
In late 2018, Groupe PSA, the second largest car manufacturer in Europe (sold under the brands Peugeot, Citroen, DS, Opel, and Vauxhall), launched their U.S. car-sharing service, Free2Move, with 600 “free-floating” vehicles appearing on the streets of all eight wards of the District of Columbia. Underneath the hood, Trov’s insurance technology has been helping Groupe PSA roll out its mobility services safely, efficiently, and intelligently. We quietly worked with them as their insurance launch partner.
Today, we’re popping the trunk and announcing our official partnership with Groupe PSA as the company reaches a critical inflection point — re-entry into the U.S. and Canadian markets.
Free2Move is the first step towards Groupe PSA’s larger and highly anticipated return, which involves investing in emerging mobility services (like Free2Move). Free2Move is already providing mobility solutions in 12 countries via 65,000 vehicles (cars, scooters, and bikes) to over 1.5 million customers worldwide.
As Groupe PSA scales its Mobility-as-a-Service (MaaS) model across the United States, our versatile insurance platform is designed to scale with them. Free2Move is leveraging Trov’s Vehicle Activity API to adjust insurance premiums based on data received in real-time from every one of Free2Move’s connected vehicles. When a driver rents a Free2Move vehicle and the trip begins, Trov receives the signal of that new vehicle state and automatically adjusts the premiums to match the new risk state. When the trip is over, and the vehicle is safely parked and locked (a lower risk profile), our platform is notified by data and appropriately adjusts.
This ability to assign just-right, just-in-time insurance, in real-time, can bring meaningful efficiencies and cost savings to our partners’ fleet operations. And these benefits are unique to Trov—no other insurance technology provider is scaling premiums coincident with vehicle utilization states, which is only made possible by the power resident in Trov’s intelligent On-Demand Insurance platform.
And the results are tangible.
“We get a 30 percent saving over traditional insurance,” said Groupe PSA North America CEO Larry Dominique about using Trov. “So from an operational point of view we are learning to be very efficient.”
"As a mobility provider, our partnership with Trov’s responsive insurance technology fits perfectly within our business model," said Michel Stumpe, CEO and president, vice chairman of the board, at Groupe PSA.
Groupe PSA’s initiatives are emblematic of overall rapid developments in the booming mobility sector and the need for an equally nimble, tech-enabled insurance platform — one that’s dynamic, rapidly deployable, and scalable. We designed Trov’s intelligent On-Demand Insurance technology specifically to meet the needs of these emerging trends in new mobility, from bike-sharing to autonomous vehicle fleets. Case in point: Trov technology already powers passenger protection for Alphabet’s self-driving autonomous vehicle fleet, “Waymo One.”
Since our founding in 2012, Trov has become the global On-Demand Insurance leader with our technology platform that intelligently protects anything, anywhere, for any time. The maturation of our hallmark consumer application (which remains a key priority) and flourishing partnerships with innovators like Waymo and Groupe PSA, have fueled the adoption of our mobility solutions and led to the rapid expansion of our global “Powered by Trov” footprint.
The future of insurance is “Powered By Trov”
Trov’s unique on-demand, micro-duration engagement has required us to reimagine and engineer the atoms of insurance to be intelligent, dynamic, and scalable. Each component had to be uniquely designed to meet the expectation of today’s connected consumer and address the risks resulting from the applications that power the new ways in which we live, work, and get around in the world.
What this means: Trov is maturing from a solitary on-demand, single item insurance application, to a robust product line of business solutions, including all-digital applications for renters insurance, auto/personal mobility insurance, dynamic multi-modal transportation fleets, and claims management and communications platform. In 2018, we began working with numerous partners, including large retailers, banks, insurers, vehicle OEMs, and financial institutions to adopt our “Powered by Trov” solutions for their customers; you’ll be hearing about several of these throughout 2019.
Last year our blinker was on—we were signaling for a turn in our business trajectory. We invested our efforts in rebuilding every layer of insurance, to make it more dynamic, intelligent, and flexible. Today, we have officially made the turn. We are offering comprehensive On-Demand Insurance solutions designed for emerging businesses, leading with the mobility sector. The Trov business and mobility sites are live, and we’re full steam ahead with more updates to come. It’s going to be a big year for us, and it’s only March.