Scott Walchek, founder of on-demand insurance app Trov

It took me three months, several meetings, a doctor’s evaluation and lots of paperwork to sort out my life insurance. My car, house, travel and health insurance were easier but nonetheless still complicated and they all felt like grudge payments. And at the end of the day, I’m still not quite sure what or how I am covered. The insurance company feels in control, not me.

For my generation that orders food, does their banking and even finds love on their smartphones all within a matter of minutes, traditional insurance just doesn’t make sense or feel good. According to a World Insurance Report, only 36 per cent of Generation Y reported a positive experience with their insurer through a traditional channel in 2015. But Scott Walchek, founder of Trov, wants to change that.

A few years ago, Walchek, a successful serial entrepreneur, realised there were three key ingredients to transforming insurance: on-demand, single-item and micro-duration policies. With a simple swipe to the right, a Trov user can insure, say, their Macbook Pro or their mountain bike for a day, or even to the second. A swipe left ends the cover. Critically, it puts users in control of protecting the things they own. It seems like an oxymoron to describe insurance as a beautiful experience, but Trov applies Apple’s design-led approach to managing risk in real time.

The San Francisco-based start-up launched in Australia in May 2016 in partnership with Suncorp, which underwrites the policies and processes the claims. Walchek is the embodiment of an entrepreneur; a bold risk-taker who has a fervent desire to transform a complicated industry, even if he is an outsider.

 

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Source: Scott Walchek, founder of on-demand insurance app Trov | afr.com