This article is the first in a series reviewing the user experience of notable FinTech startups. Are they genuinely innovative and what lessons can our clients, and incumbent financial companies learn from them?
Are Trōv delivering a solution that goes beyond insurance?
Trōv’s objective is to unlock the value of your physical assets by digitally recording their status along with their individual value. Trōv believes:
“Your insurance should be as unique as you are, and it should empower you to live life without worrying.”
AXA has signed an exclusive partnership with Silicon Valley startup Trōv and launched the UK’s first on-demand insurance proposition.
Using Trōv, users are able to upload items to their cloud-based inventory and purchase individual insurance, underwritten by AXA. Through automated processes, Trōv allows individuals to gain complete control of which products they would like to insure and for how long.
Here at Dock9 we love seeing the insurance industry pushing forward, adapting and innovating. We spent some time earlier in the month test driving the Trōv/AXA insurance partnership and what they are offering in terms of the user experience.
Companies are now spending more and more time optimising the onboarding process of their app. This is intended to minimise frustration when a user opens an app so they are not left wondering what they should do first. Or not understanding how the app works and closing it. Or even worse, deleting it. From a business perspective, this increases the success rate while using an app. “User onboarding is the process of increasing the likelihood that new users become successful when adopting your product.” —Samuel Hulick of UserOnboard.com
Trōv’s onboarding process is relatively straightforward and has the option to skip any information a user isn’t comfortable entering straight away; for example, address or credit card information. So it is possible to start using the app by just registering with an email address/password, which obviously speeds up this onboarding process and brings the user straight into the benefits of the app.
Trōv offers two routes to registering; directly by email or through Facebook. (On a side note, it would be interesting to see what information Trōv/AXA has access to via the Facebook integration.)
When opening the app, the two routes to registering are prominent, but the app offers less prominence to login. This could become an issue further down the line, but for now, it is obvious how to register and progress through the registration process.
During this process, I am asked to enter my postcode and full address which is surprising since we are now used to simply entering a postcode and selecting the address. The following screen then asks me to validate that address from a list: why are you making me type my full address when you were planning on doing a lookup anyway?
Another part of this full registration process that I find irritating is being asked to validate my phone number. I’m sure there is a good reason for this but it is not explained why so this comes across as an unnecessary step in the process.
One thing I like is that at the end of the registration process the app detects my device, estimates its current value and offers to add this to my Trōv inventory, confetti included!
The onboarding process asks the user for a minimum amount of user input to create an account and start getting quotes for their belongings; users can skip all other parts of the process if they choose. If Trōv/AXA doesn’t need this information to quote, it should probably be removed as a potential barrier; hopefully someone is looking at the analytics to decide.
Trōv is both a data collection app and a digital insurance platform all rolled into one. Trōv collects data in a convenient and effortless way that offers a great experience for the user. For example, if I purchase a new iPhone, Apple will email me my receipt, Trōv will identify this purchase and add the item straight into the inventory along with the product description and details. Alternatively, possessions can be added by simply scanning barcodes, adding them manually, or even by taking a photo of the physical device and Trōv will recognise it!
Toggle Insurance On and Off
Imagine a time when we can turn insurance on and off to suit your circumstances. This time is now! This is exactly what Trōv is enabling their customers to do by providing micro-duration policies with micro-premiums priced to the second, when you want, where you want! Let’s take a look to see if the experience is as good as the proposition.
Adding devices to Trōv couldn’t be simpler. There are two options: manually searching or photo recognition (Trōv Auto-ID). The idea of being able to take a photo of a possession and having Trōv instantly recognise this is brilliant but in reality this didn’t work for me. My GoPro Hero 5 wasn’t recognised, although from the message I received when taking the photo this seems to be a manual process:
“Great! We just got your photo and are working to add details to your item. It might take us some time to find the information on your item but we’ll let you know when we do.”
Manually adding items is straightforward, perform a quick search and Trōv will display a list of results to select from; from there you can see all the information needed and either add it to Trōv, or add it and also place it on cover. At this stage of the process it is not possible to see how much it is going to cost so I’m not convinced this will be a route most users take.
The most impressive feature of the whole app is the ease with which you can protect your all your devices with a simple swipe. With items added and a simple gesture performed you are quickly taken to the summary/payment screen to add cover. Protection details, cost, excess and payment details are all clearly displayed with a clear hierarchy. The only criticism I have here is with the order of the excess slider which goes from high to low. This feels like an active design decision to give the impression it is set to a low-excess level when it is in fact high.
Overall, with the exception of Auto-ID not fully working as expected, the overall experience is just as good as the proposition, if not better.
Another key benefit of Trōv is the dashboard. In return for adding all my items to Trōv, the dashboard provides me with a current net value of all my items added, also by category. There are a couple of instances I can instantly think of where this would be useful. When purchasing home insurance we are always asked about specific items over a certain value. With a quick look at my current Trōv dashboard I can instantly see which items these are based on their current worth. The same goes for making a claim, if I was to ever be burgled, my insurance company would ask me to provide a list of items and their worth. Thanks Trōv!
Trōv is not going to be an insurance product you buy once a year and forget about.
Get in Touch
We’ve helped a wide range of clients optimise and improve the user experience across complex and challenging products including Protect Your Bubble, Tradex, Vida Homeloans and more. If you want to know more, we’re always happy to talk about how we could help. Feel free to contact our UX Team or stop by the Dock9 office for a coffee.