Single-item insurance cover targets Gen Y

A new product aims to make insurance more attractive to millennials. Underwritten by Suncorp Bank, the Trov app allows customers to insure single items.

A recent World Insurance Report by management consultant Capgemini and information provider Efma revealed that only 36% of millennials reported a positive experience with their insurer through traditional channels in 2015, as opposed to 52% of other respondents.

Trov may help to change that. Its coverage is designed to be flexible, so that you can switch your cover on and off as you please and pay either daily or monthly. So far, only electronics can be covered. Claims can be lodged by swiping right on the app's interface and, if you need to talk to customer service you can do so by text.

Insurance for a 16GB iPhone 5C for someone who lives in a Sydney inner suburb would cost $7.20-$9.90 a month (depending on the excess). The excess would range from $73.90 to $184.75. The maximum payout for this device ranges between $554.25 and $665.10, and covers you if the device is damaged, lost or stolen in Australia or New Zealand.

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