Suncorp has bought a $5 million stake in a startup which lets you instantly insure your laptop or bike

Photo: Tomohiro Ohsumi/Getty Images.

A US startup which thinks it will reinvent insurance has just closed a $24.4m Series C funding round, with Australian insurer Suncorp throwing in $5 million.

Called Trov, it’s an on-demand insurance platform, where customers are able to instantly turn insurance on or off for individual items such as a laptop, camera or bike.

“On-demand is the expectation of the connected generations. From purchasing and policies to pricing and claims, we’ve rebuilt insurance from the ground up by creating a truly on-demand experience,” said Trov founder and CEO, Scott Walchek.

“Now, with the close of our Series C financing and alignment with innovative partners, we’re equipped to rapidly evolve the technology and expand globally.”

The service will be launching in Australia next month through Suncorp, and will offer protection for limited items to begin with. Most of these will be consumer electronics, while additional categories will become available over time.

Trov is aiming the services straight at the younger generation, and as a result, there’s no long term commitment or need to go sign up through a traditional insurer process. You just download the Trov app and go through there.

“Increasingly customers, particularly those in the millennial generation, are looking for new platforms to provide financial services in a flexible and engaging way,” Michael Cameron, CEO of Suncorp Group said.

“Trov is a great example of a new and innovative way for customers to protect what matters most to them.”

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.