Launch Timeline Overview

We've meticulously reviewed insurance and technology requirements for launching digital insurance products and broken it down into a simple process for companies. Depending on the insurance product and regulatory status, timing and phasing may vary. The following section outlines our process in detail.

Phase 1 Opportunity (2-4 weeks)

The opening phase is a chance for us to meet, get to know each other, and clearly define the opportunity, including the insurance product, market opportunity, and technical implementation. Many companies we work with have little experience with insurance, so in this phase, we clearly break down both the details of the insurance product as well as what may be required from a licensing perspective.

Furthermore, we’ll provide detailed examples of user flows, using our UX libraries, and our API documentation to rapidly bring product and engineering teams up to speed on the implementation. Finally, we’ll cross some t’s and dot some i’s with a contract, and then get going!

This phase can be complete in as little as a couple of weeks and the output is:

  • Insurance product confirmed 📄
  • Technical requirements & GTM confirmed 💻
  • Commercial agreement signed 🤝

Phase 2 Licensing & Product (0-4 months)

Phase two is an optional phase and is dependent on the specific insurance product and licensing requirements. If a partner would like to go to market with an insurance product that we currently have available encoded on the Trōv platform, then we can move rapidly to launch.

If partners would like to launch an insurance product that is not currently available on the Trōv platform (ie: small business), then there may be additional time built-in depending on where it lands in our insurance product roadmap. This phase also serves as an opportunity for our partner to review and pursue appropriate insurance licenses, depending on requirements.

The output of this phase is:

  • New insurance product(s) encoded to Trōv APIs 📐
  • Regulatory & licensing approach confirmed ✅

Phase 3 Design & Development (1-3 months)

Phase 3 is when the real action begins, as we will give partners full access to our APIs and UX guides. Our API documentation and UX libraries will provide everything needed to launch and support an end-to-end digital insurance product.

The Trōv team will also be there to support your front-end development team to ensure effective implementation. Furthermore, we’ll take this time to ensure any operational requirements are clarified, including associated financial reporting and support. The timing of this phase can vary but the product should be ready to go live within 1-3 months.

The output of this phase is:

  • Live embedded insurance product 🛠
  • Operational processes in place 🔄

Phase 4 Launch & Grow (ongoing)

The most exciting phase is, of course, once the embedded insurance product is live. Customers will begin to purchase policies and your recurring revenue will grow. Trōv will continue to provide support to ensure ongoing product performance.

At Trōv, we take a long-term view of our partnerships, and in most instances, the first product launch is just the beginning, and we serve as a partner to enable the launch of additional digital insurance products in the future.

The output of this phase is:

  • Policies and recurring revenue grow 📈
  • Confirm next insurance product in roadmap 🛣
  • 🍻
Next: Getting Started Checklist