Trov, an on-demand insurance technology company, has entered into a partnership with Waymo, Alphabet's self-driving technology unit.
Waymo, formerly Google's Self-Driving Car Project, announced in November 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. The trip-based insurance coverage will be underwritten by a non-admitted affiliate of Munich Re.
Trov said in a statement that 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.
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. As we prepare to launch a commercial service, we're thrilled to collaborate with Trov to unlock the full potential of shared mobility."
The founder and chief executive officer of Trov, Scott Walchek, said, "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. We are genuinely excited to be partnering with Waymo in developing innovations for insuring people and property in the evolution of personal mobility."
The chief executive officer of Munich Re's digital partners, Andy Rear, added, "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."
Learn more: http://www.trov.com.