Suncorp has announced a $US5 million ($6.56 million) equity stake in US-based technology developer Trov, paving the way for a “world first” on-demand insurance platform.

The insurer has been working with Trov since 2014 to establish Australia as the test market for the Trov app, which lets customers create a digital inventory of possessions on their mobile phones.

Now Trov Protection will be integrated into the app, giving consumers the option of insuring individual items for specific periods of time.

The platform is aimed at the millennials generation, also known as Gen Y (born from the early 1980s to around 2000), who want instant access to insurance for the individual items that are important to them.

“Trov Protection is a significant step forward in making insurance easier and simpler for our customers, and is a great example of how Suncorp is creating value for customers,” Suncorp CEO and MD Michael Cameron said.

Trov will initially provide insurance for technology items, with a broader range available in future.

Insurance through Trov will be issued by Suncorp company AAI.

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