Brazil has recently changed its regulations, enabling insurers to offer on-demand insurance products to consumers and businesses, Trov said in a statement.
Trov and Sura will begin their partnership by launching an on-demand insurance product for personal valuables and mobility, with plans to expand to other insurance products such as auto, home and small business.
Additionally, with Sura’s extensive Latin American footprint, the companies intend to expand to other countries in the region.
Unlike traditional annual policies, on-demand insurance provides policies of variable durations, such as by the month, week, day, hour or even second, said Trov, noting that coverages can be easily modified without participation of an agent.
Thomas Batt, CEO of Seguros Sura, said: “We recognise the potential of Latin America’s insurance market in light of recent regulatory changes, and invested in Trov’s innovative insurance model to meet new consumer demands. Trov’s proven track record in on-demand insurance makes them the ideal partner with whom to deploy modern insurance applications in Brazil and beyond.”