Suncorp look to corner the millennial insurance market

Suncorp hope they might have cracked the millennial insurance market with the imminent launch of their on-demand insurance platform, Trōv Protection.

Set to go live later this month, Trōv Protection, which will be in-built to the existing Trōv app, will allow users to simply ‘swipe right’ within the app to insure single items that are important to them, such as cameras, tablets and laptops. Swiping left will end the item’s cover.

Suncorp is so excited about the possibilities of the app that they announced a US$5m equity stake in US-based technology developer Trōv in late April. And the flexibility and accessibility of the app makes it ideal to increase insurance take-up amongst millennial customers, according to Suncorp Group Corporate Affairs Manager Nadia Farha.

“A growing number of customers, particularly millennial customers, are looking for new platforms that provide insurance in a flexible and simple way,” Farha told Broker Buzz. “Trōv Protection is the next big step, providing on-demand insurance for people who need single item insurance in a flexible way that meets their needs.”

“Eventually this platform could also be used by small businesses and organisations to properly protect their assets in a more flexible and innovative way.”

Farha says the partnership with Trōv fits in with Suncorp’s strategy to provide customers with a flexible platform.

“Instead of selling unrelated and unconnected products, we are creating a marketplace where customers can have access and self-select products, services and tools that are relevant and meaningful to them,” she said.

Looking beyond the millennial insurance market to what such technology could mean for the insurance industry as a whole, Fahra added that while the financial services industry is under continued public scrutiny and is grappling with the threat of disruption and rapid change, these factors provide an enormous opportunity.

“What’s important to remember, though, is that it’s not about the technological innovations themselves – it’s about how we connect and use them. The latest and greatest invention won’t create a great deal of change on its own,” she said.

“The difference will be in how it’s used and the value it brings. Eventually this platform could also be used by small businesses and organisations to properly protect their assets in a more flexible and innovative way.”