Trov’s technology was built specifically to meet the needs of companies in the new mobility space, from bike-sharing to autonomous vehicle fleets. Other partners include Waymo, Alphabet’s self-driving ride-hailing service, and Free2Move, Groupe PSA’s car-sharing service.
Zerology's fleet will be the first to leverage anonymized, individual Tesla vehicle data to inform an on-demand commercial insurance product, says Ian Sweeney, SVP & GM of Trov Mobility.
“The problem we address is a new type of risk that insurance companies aren’t familiar with because they have no historical data,” he says. “As a technology company, we sit between Zerology’s connected, electric Tesla fleet and insurance providers who we inform about the risk.”
The benefit for a company like Zerology, he adds, is that the risk of every vehicle is understood in real time as it moves around. This establishes a known risk profile that enables better risk mitigation and elimination, lowers costs and ultimately allows the company to shift resources toward its broader ecological mission. When the Tesla is rented and moving, it is at its highest risk, but when parked it is at low risk, since it cannot crash.
“Our technology right-sizes the insurance by the second,” he says. It is only when the car is moving and being paid for its use that the insurance risk goes up: “It’s an efficient way of providing insurance data,” he says, adding that Trov does not track where people are, but the change points in between risk periods.
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