Scott Walchek is a serial startup specialist—the classic technology entrepreneur who conjures a way to do something better and then makes it happen. His most recent imaginings have centered on the insurance industry, which he believes is ripe for massive transformation.Executive SummaryScott Walchek is no novice to the test-and-learn process of building startups. After starting or helping to build some of the world’s leading interactive media and Internet technology companies—even once selling his home to meet payroll—the serial entrepreneur has turned his attention to on-demand insurance for items like guitars, laptops and cameras.
Walchek is the founder and CEO of Trōv (sounds like trove), an on-demand insurance platform that lets users buy insurance covering a specific item for a specific duration of time. Since Walchek is an avid surfer, let’s use the example of a surfboard to describe how Trōv works. Using a smartphone, the need to insure the surfboard is tapped into Trōv’s app, which responds with a price for the coverage. The user buys the insurance. With a simple swipe right, the insurance is turned on. A simple swipe left turns it off.