Great American Insurance Group and TrustLayer Bring Embedded Coverage and Tracking Solution to Equipment Leasing
September 14, 2023
SAN FRANCISCO: Great American Insurance Group Specialty Equipment Division and TrustLayer announce the launch of a real-time tracking solution for the equipment finance industry. This enhances the API-driven coverage solutions that Great American Specialty Equipment provides to equipment leasing by adding the option of TrustLayer, a platform that leverages Robotic Process Automation (RPA), AI and other technologies to entirely modernize proof of coverage.
“Equipment finance companies face both increased risk and additional operational costs if they don’t handle insurance the right way” said John Fohr, Co-Founder and CEO at TrustLayer. “Great American Specialty Equipment has a strong commitment to providing programs to these companies that can help. Now their embedded coverage can include TrustLayer as a service, one which automates the verification of coverage.”
The combined solution delivers the following benefits:
- Easy integration through API
- Coverage options for financed equipment and vehicles
- Customer and agent-friendly insurance verification options
- Automated document processing through AI and machine learning
“We’re pleased to work with TrustLayer and bring their solution to our clients,” said Vic Villegas, Divisional President at Great American Specialty Equipment. “Their platform delivers advanced technology to the problem of insurance verification and tracking, and this works very well with our digital solutions. Their team has done an impressive job in solving problems for us and our clients. With TrustLayer we can offer even more options to help our clients manage insurance in ways that expedite funding, manage risk, and deliver a great customer experience.”
“Great American has an excellent reputation in equipment leasing and a strong commitment to their clients” adds Fohr. “We’ve been happy to innovate together on this solution and improve the insurance experience for this industry.
Building a better insurance experience for businesses.
The volume of documents manually changing hands, and verification phone calls being placed are a drag on our economy costing everyone in the ecosystem millions. Whether these requests are originating in the U.S., or, offshore they’re hitting someone’s call center and someone has to pay for it.TrustLayer is the only platform that is attempting to solve this by going directly to the policy.
TrustLayer automatically reads and interprets the information on a certificate of insurance (COI) in seconds. When a limitation or requirement is not met, the certificate holder is non-compliant and often needs to secure additional coverage to be eligible to work with the requestor. This is where connectivity allows TrustLayer to validate this information from the source of truth, dramatically impacting the customer and vendor experience when it comes to providing proof of coverage.
TrustLayer is a risk modernization platform that makes it faster and easier for businesses to collect and verify the crucial compliance documents needed to work together. With TrustLayer, companies can securely automate the verification of insurance, licenses, and compliance documents of their business partners (i.e., vendors, subcontractors, suppliers, borrowers, tenants, ridesharing, and franchisees) in an easy-to-use digital dashboard. TrustLayer is working with dozens of the largest brokers and carriers in the U.S. to build out a fully digital proof of insurance solution so companies will be able to validate in real-time that their business partners have the correct coverage. Founded by John Fohr and Vincenzo Acinapura, the company is backed by leading investors, including Craft Ventures, Abstract Ventures, Box Group, Propel Ventures, Sure Ventures and PruVen Capital, and has also received investments from more than 20 of the top 100 insurance brokers. To learn more, visit trustlayer.io, or follow us on Facebook, Twitter, and LinkedIn.
Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses. Great American Insurance Company has received an "A" (Excellent) or higher rating from the A.M. Best Company for over 115 years currently rated "A+" (Superior). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG.
Great American Insurance Group Contact:
Diane P. Weidner
Vice President, Investor and Media Relations, American Financial Group, Inc.