NYSE-listed The Travelers Companies has acquired insurtech Trōv, the creator of Suncorp’s telematic-backed Bingle Go motor cover.

Trōv backers include Suncorp, Munich Re Ventures and Sompo Insurance.

"Most of our team members will continue their work as they join Travelers. The combination will take Trōv’s unique embedded insurance capabilities to the next level,” Scott Walchek, who founded San Francisco-based Trōv a decade ago, said.

"All of us at Trōv are leaning into the opportunity with enthusiasm.”

Trōv products will now be positioned within Travelers’ Personal Insurance segment.

Trōv launched its Embedded Insurance Platform in June and says delivering insurance products to customers is a “compelling proposition for digital consumer brands that need new offerings,” yet experienced, reliable, solid purveyors of embedded insurance “are limited.

"We believe that there is tremendous potential in embedded insurance, and we’re in its very early stages,” said Mr Walchek, who plans to take a break for some months to "consider what’s next”.

"I hope to activate my experience in service to incumbents and entrepreneurs across diverse verticals,” he said.