Munich Re will provide underwriting capital and insurance licensing to San Francisco-based technology developer Trov when its insurance app goes live in the US next year.

“Digitalisation is changing the face of the insurance industry and our partnership with Trov is a perfect example of the innovative propositions we are developing with digital insurance start-ups and digital verticals,” Digital Partners Head Andy Rear said.

“Trov is creating a new way for consumers to interact with insurers, which ultimately benefits not only consumers but our industry for the long haul.”

Trov chose Australia for the global launch of its on-demand insurance platform in May, in partnership with Suncorp, which has invested $US5 million ($6.5 million) for an equity stake in the developer. Axa is partnering with Trov for the UK rollout, expected this year.

Trov says its cloud-based platform has gained traction with Australian consumers aged 18-34.

It claims to be a “world first”, giving users the option to insure individual items via their mobile phones.

“With a simple swipe, users are presented a personalised quote and can instantly turn insurance on or off for an individual item,” Trov says.

“The app is built on Trov’s revolutionary cloud-based insurance platform that features micro-duration policies, algorithmic pricing, integrated billing and intelligent bot-assisted claims.”