TrustLayer will enable faster and more efficient proof of insurance verification and help Acrisure customers better manage their risk by using its innovative digital solution.
“Our focus at TrustLayer is to help relieve risk management pain points and reduce friction for businesses across the entire economy. This partnership with Acrisure will help reduce risk and create a more efficient verification process for them and their customers.” said John Fohr, co-founder and CEO of TrustLayer. “I look forward to working with the Acrisure team as we drive innovation across the insurance industry and improve the risk transaction experience for all involved.”
Virtually every business struggles with insurance verification. For those who do it well, the administrative burden is high — with manual processes and over 200,000 static documents changing hands daily across the U.S. For those who don’t manage these processes well, the risk is astronomical, with studies showing that 75 percent of U.S. businesses are underinsured. TrustLayer uses robotic process automation (RPA) and AI to automate this process securely, so companies can automatically verify the insurance and licenses of their vendors, suppliers, borrowers, and tenants.
TrustLayer currently works with many Acrisure Partner insurance agencies to support customers with their vendor risk transfer.
“Our goal is to ensure that our customers have access to best-in-class artificial intelligence and technology supporting their businesses. We want to continue pushing the forefront of insurance innovation to be even greater risk management partners. Our expanded collaboration with TrustLayer adds to the value we create for our customers,” said Jim Untiedt, President of PentaRisk—an Acrisure Partner and TrustLayer customer.
TrustLayer is an AI-powered collaborative risk management platform working to digitize the highly manual, error-prone, and paper-based process of insurance verification. 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.
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