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TrustLayer (TrustLayer.io), a Brandon, Fla.-based InsurTech, has come out of stealth mode and announced the launch of an automated insurance verification platform. The company has also announced a partnership with residential construction network Building Partnerships (Littleton, Colo.), one of the largest production home builder associations in the United States with over 1400 home builder members. The network is projected to construct over 160,000 homes this year alone.
TrustLayer reports that it automates the proof of insurance workflow with machine learning, AI, and distributed ledger technologies. Customers and pilot partners in multiple billion dollar industries such as construction and property management rely on TrustLayer for its ease of use, tracking and verifying certificates of insurance & other business documents, increased vendor compliance, and the ability to utilize their platform for multiple use cases.
TrustLayer describes its offering as a world-class enterprise solution suitable for any size of business. “Our platform protects businesses from costly claims by ensuring certificates of insurance actually meet compliance requirements and that the policies are valid,” comments Vincenzo Acinapura, chief technology officer, TrustLayer.
Automating Insurance Document Monitoring
TrustLayer chose construction and real estate development as its initial market for the solution due to the frequency of insurance fraud experienced in those industries, as well as the prevalence of manual processes used to track insurance, according to a company statement.
“You don’t know you are in trouble until you are in trouble,” comments Chuck Shinn, President and founder, Builder Partnerships. “You think you are collecting the right documents and that they’re current. All of a sudden you have an audit and you find out that some of your documents are for the wrong type of insurance or for expired policies; and you have an accident then find out you are not covered. With TrustLayer, homebuilders would know well in advance if there were issues with the insurance of their subcontractors.”