By: John Fohr, Co-Founder & CEO
It’s no surprise that I think TrustLayer offers the best industry solution for automating legacy, manual processes that are still largely the status quo for insurance verification. But it’s always 10 times more gratifying when others agree. I am very proud to share that TrustLayer has been named to the FinTech Global 2021’s InsurTech100 list, which recognizes the world’s most innovative technology solution providers that address the digital transformation challenges in insurance. FinTech Global offers comprehensive data, valuable insights, and powerful analytical tools available for the global FinTech industry, so it’s incredibly meaningful for them to recognize our tech as some of the best in the business.
The InsurTech 100 list recognizes the tech companies transforming the global insurance industry. Through innovative use of technology to solve a significant industry problem, InsurTech 100 companies generate efficiency improvements across the insurance value chain. The companies on the list are identified by a panel of analysts and industry experts out of over 1,400 applicants. In other words, we’re in good company.
I honestly couldn’t have said it any better than FinTech Global director Richard Sachar: “Consumers and businesses increasingly expect insurance cover to be offered via a range of digital and offline channels, and insurers that fail to keep up with the latest technologies and innovation will be less competitive and lose market share over time. The InsurTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by highlighting the leading companies in sectors such as underwriting, pricing, IoT devices, distribution, and data & analytics.”
Brokers, carriers, and insureds all need to embrace innovation to become more efficient and more effectively manage their risk. And there’s no good reason that risk management in the 21st century is mostly conducted via tedious and time-consuming manual review. At TrustLayer, we’re making sure that, from now on, this process can be automated, faster, and more accurate. We reduce the average time spent reviewing a certificate of insurance from 9.2 minutes to 1.2 minutes, which is 6 times faster. And this award is more validation that our approach is taking the industry on the right path.
We’re glad to see that risk management professionals working across industries in all regions of the country, from professional sports stadiums to franchise owners to construction companies, are integrating TrustLayer into their routine risk management practices. Our solution is also recognized as a favorite of brokers—so much so that over 20 of the leading 100 brokerages aren’t just working with us, they’ve invested in us. My goal is to build solutions that solve enterprise-level problems, and that actually work for all the parties involved in the risk transfer chain. The support we’ve received tells me that we’ve designed something that actually fits the needs of insurance and risk management professionals, and I couldn’t be more excited to continue helping them solve new challenges.
Winning this award builds on the awesome year we have already had at TrustLayer. We announced our Series A in August 2021, and in October 2021, we announced that a third major insurance carrier, Great American Insurance Group, is partnering with us to pilot our digital proof of insurance. Too often, our team is so heads-down building the next best product feature, expanding our reach, or developing our fully digital proof that we forget to stop and reflect on all that we’ve already achieved. The whole TrustLayer team should be incredibly proud of our accomplishments, including being recognized on the InsurTech100 list—I know I am.
Congratulations to all the award winners - this group is going to change how business gets done.