UPDATED 13:17 EST / DECEMBER 19 2017

EMERGING TECH

Alphabet’s Waymo taps startup Trov to insure self-driving taxi passengers

Alphabet Inc.’s Waymo self-driving car group today announced a deal with Trov Inc., a venture-backed insurance startup, to provide some reassurance against unexpected events for riders who will be testing its upcoming autonomous shuttle service.

The technology giant plans to make driverless taxis available to the public in Arizona starting early next year. According to Waymo, the fleet will operate within the Phoenix metropolitan area and cover a region larger than Greater London. The vehicles won’t need a human safety driver (which was a requirement until November) thanks to the advanced navigation capabilities that the Alphabet subsidiary recently demonstrated at its California test track. 

As part of the new partnership, Trov is set to provide passengers who hail Waymo’s shuttles with free insurance coverage for the duration of their rides. A press release stated that the plan will offer reimbursement for medical expenses and lost or damaged property, along with unspecified “trip interruption benefits.”

The reason why Waymo chose Trov over the many rival providers out there probably has a lot to do with convenience. The startup, whose main focus is enabling consumers to insure their electronics, has a mobile app that makes it fairly straightforward to file claims. A user seeking reimbursement only needs to answer a few questions about their item via a built-in chat interface.

The insurance that Trov will provide for Waymo passengers is set to be underwritten by an affiliate of Munich Re Group. The German insurance giant is one of the startup’s main partners and a key investor, having led its $45 million Series B fundraising earlier this year.

Waymo’s deal with Trov comes a few weeks after it tapped AutoNation Inc., the largest car dealer in the U.S., to service its autonomous vehicle fleet. The Alphabet subsidiary earlier signed a similar agreement with Avis Budget Group Inc. that will see the latter company’s car rental locations used for carrying out repairs.

The fact that Waymo is now busy sorting out maintenance contracts and other nitty-gritty practical details is a positive sign for the autonomous vehicle ecosystem. It means that the technology is starting to move beyond the lab and into the real world. Another player helping to advance the trend is Lyft Inc., which recently began testing its own self-driving taxi service in Boston.  

Image: Waymo

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