New Asset Protection Product Offers Change to Collectible Content Valuation Process

September 25, 2013

A new product in the insurance market is hoping to change the way insurers, agents and policyholders track valuable contents. Currently, after an initial site inspection which typically focuses on the structure rather than the valuables inside a home, insurers use a formula – usually, 70 percent of the structure’s value – to value the contents and valuables in a home. Rarely, do insurers revisit a home after the initial inspection.

Trōv, which is meant to represent a treasure trove of valuable or personal information kept in one place, announced agreements with property/casualty insurers to aid high net worth policyholders in the collection of such information.

ACE, AIG, Fireman’s Fund, Hiscox UK and PURE announced discounts for policyholders who activate a Trōv to collect and manage information about their property and possessions. The product is meant to provide transparency into the value of insured items. As a result, insurers hope to reduce risk and better protect clients’ possessions through accurate insurance policy pricing.

Scott Walchek, founder and CEO of the San Francisco-based company, said the product was meant to expose risk in a collection during the underwriting process.

“Trōv exposes changes to the values of insured items, and connects insurers to policyholders’ acquisitive lives to ensure tangible assets are always accounted for and – with accurate insurance-to-value – always protected,” Walcheck said, indicating that the product will help insurers improve their book of business and create better policies.

The product is a private cloud-hosted digital locker where detailed data about users’ property and possessions is uploaded, regularly valued, securely managed and selectively connected to partners who offer advantages to Trōv members. Qualified appraisers and insurance risk managers use its professional application, “TrōvCollect”, to gather detailed information about tangible assets and assess value when they are in clients’ homes. New acquisitions can be automatically added at retail point-of-sale via electronic receipts, and eventually through Trōv’s mobile application. As items are added or values change, the policyholder is notified – and can automatically alert his broker to ensure that items are properly insured.

Two insurers involved in the agreement, AIG and ACE, took part in the pilot program.

“We are excited to work with Trōv and our mutual customers to help them manage their tangible wealth,” said Jerry Hourihan, executive vice president and CMO, AIG Personal Lines. “Instead of storing this information on spreadsheets, hard drives, or in file cabinets – data about tangible assets will live in Trōv’s private online digital locker, where clients will be able to manage new purchases and monitor changes in value of their tangible assets. Working with Trōv to maintain a complete updated record of their property will make the insurance process, including claims settlement, more efficient and seamless.”

Insurers will likely see benefits of the product, company representatives said.

“In addition to helping PURE members achieve proper coverage limits by offering details about the changing values of their collections, Trōv also supports PURE’s commitment to providing an exceptional claims experience,” said Martin Hartley, executive vice president and chief operating officer with PURE. “Members who use Trōv benefit from having a digital catalogue of their tangible wealth, which makes the claims process easier and more seamless in the event of a loss.”

Tim Arone, vice president of risk management for PURE said that the product helps ensure policyholders have adequate coverage. Besides benefitting policyholders, he expected that benefits will be seen within the claims and underwriting departments within his company. Additionally, he expected that agents will benefit by lessening chances of errors and omissions exposure.

Trōv previously announced a partnership with national and independent insurance brokers, including Hub International, Lockton and Willis.

For a list of participating insurance carriers and brokers, see Trō

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