TrustLayer Launches Fully Digital Proof of Coverage Pilot with Great American Insurance Group
SAN FRANCISCO, Oct. 6, 2021 /PRNewswire/ -- TrustLayer, a collaborative risk management platform, today announced the launch of a fully digital insurance verification pilot with Great American Insurance Group's Specialty Equipment Division. Automated digital proof is the future of insurance verification. It solves an industry-wide pain point that impacts virtually every business.
Often, when working together, businesses must demonstrate that sufficient insurance coverage is in place on their equipment. Currently, proving insurance coverage involves inefficient, manual processes that provide a static view of coverage with no means of tracking policy cancellations, changes, or fraud. Great American's Specialty Equipment Division primarily serves the equipment leasing, dealer and rental channels supporting the construction, manufacturing, medical, printing, restaurant, and other industries. These and others at the core of the American economy and infrastructure rely on Great American to protect their interests. TrustLayer's solution could help them verify in real-time that sufficient coverage exists and is in force.
TrustLayer's automated digital proof of coverage solution uses Robotic Process Automation and artificial intelligence ("AI") to help eliminate issues surrounding static Certificates of Insurance, provide real-time policy event information, and reduce manual, error-prone processes that can negatively impact stakeholders in the risk transfer chain.
Since launching its first pilot just over a year ago, TrustLayer has been working with insureds, brokers, and carriers to develop this fully digital end-to-end solution that serves all parties involved in risk-bearing business transactions.
"We're committed to transforming the coverage experience and proof of insurance for equipment finance." said Brendan Cronin, the digital transformation director of Great American Specialty Equipment. "We're thrilled about working with TrustLayer to explore solutions for more automated coverage verification, which we believe is critical for our clients."
Great American's Specialty Equipment Division is one of the leading providers of innovative and proven insurance solutions that serve a wide array of needs specific to niche equipment markets. The Division's products and services help businesses reduce risk, drive profitability, and meet the needs of their customers. Great American's Specialty Equipment Division's policies are underwritten by Great American Insurance Company, Great American Assurance Company and Great American Spirit Insurance Company, authorized insurers in all 50 states and the D.C., 301 E. Fourth St., Cincinnati, OH 45202.
"We are incredibly encouraged by the continued interest TrustLayer's fully digital proof of coverage is receiving from the insurance industry, and we are especially honored by the enthusiasm of Great American's Specialty Equipment Division." said John Fohr, the co-founder and CEO of TrustLayer. "I look forward to continuing to work collaboratively with industry leaders like Great American to build a solution that will benefit the entire industry for years to come."
About TrustLayer
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.
About Great American Insurance Group
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 more than 110 years (most recent rating evaluation of "A+" (Superior) affirmed January 28, 2021. 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.
TrustLayer Contact: Caitlin Krutsick
Email: [email protected]
Phone: 610.428.8948
Great American Insurance Group Contact: Diane P. Weidner
Email: [email protected]
Phone: 513.369.5713
SOURCE TrustLayer
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