Suncorp has partnered with Spanish innovator Traity to offer a microinsurance solution for buyers on online marketplaces such as Gumtree and Facebook.

Traity’s Kevinsured offering, which calls itself “the insurance of the sharing economy”, provides $US100 ($131) of cover per transaction to protect against fraud, theft, misrepresentation and scams.

A spokesman for Suncorp told insuranceNEWS.com.au it is working with Traity on “a number of new solutions”.

“We know more people are shopping online via community marketplaces, yet don’t have the ability to protect their purchases,” he said.

Kevinsured is being piloted in the US, UK and Spain. It is not currently available in Australia.

Meanwhile, Suncorp says its investment in the Trov app, announced last year, is progressing well. Australia was the first market for the app, which lets customers create a digital inventory of possessions on their mobile phones and gives the option of insuring single items for specific periods of time.

“We have seen a great response from Bingle customers where we have introduced them to Trov Protection as a new and unique product that is highly relevant to them,” the spokesman said. “Bingle customers are primarily Millennials, and this product helps them understand the value of their possessions and provide protection where it is most needed.”