The Travelers Companies and Trov, an insurtech, announced the acquisition of Trov’s technologies.
The majority of Trov’s employees will join Travelers in its personal insurance segment. The financial terms of the transaction weren’t disclosed.
Michael Klein, president of personal insurance at Travelers, said in a statement: "This is yet another example of how we're investing to enhance the experience for our customers, agents and partners. We're excited about the important innovation we have underway, and Trōv's sophisticated technology and talented team will help accelerate our ongoing efforts to provide customers with personalized solutions in their channel of choice."
Trov’s digital solutions include on-demand insurance, claims-chat, an embedded insurance platform, public APIs and support tools for developers, according to the press release.
Scott Walcheck, founder and CEO of Trov, said in a statement that the transaction is likely because of the company’s innovative technology, experience and team.
"Over the past several years Trōv has reimagined many components of the insurance value chain,” said Walcheck, in a statement. “Travelers is the ideal company to harness our experience and take our technology to the next level. All of us are leaning into this opportunity with enthusiasm."
