Why We Invested in TrustLayer
By: Travis Skelly, Partner at PruVen Capital & , Rohit Ramkumar, Investor at PruVen Capital
TrustLayer announced its $15M Series A, an exciting milestone in its journey to build the industry’s first Digital Insurance Network.
When we first met TrustLayer’s CEO & Co-Founder John Fohr, we shared his vision to transform the insurance industry — an industry that is still heavily reliant on faxes and snail mail. John’s vision for TrustLayer is to create software that will modernize the way in which information is shared between carriers, brokers and insureds.
TrustLayer’s journey starts by addressing the challenges associated with requesting and issuing Certificates of Insurance (COIs), the highest transacted document in the insurance industry with more than 200,000 requests per day. COIs contain all the essential details of an insurance policy and are often used to prove a policy’s status, verify coverage, and protect against third-party liability. The process of issuing, collecting, tracking, and verifying COIs is time-consuming, manual and paper based. Small mistakes and fraud can result in substantial financial losses. To address this, TrustLayer has built a platform that automates the requesting, submitting and validating of COIs and other insurance related documents. A business can request COIs from insureds (or their brokers) and TrustLayer uses RPA and AI technology to validate insurance compliance and coverage.
In less than two years of operation, TrustLayer’s solution has received unparalleled industry validation; 20 of the top 100 US brokerages support the Company and have become channel partners, reselling the product to their own customers. In addition, TrustLayer is focusing on building integrations with key insurance carrier systems of record and is currently in pilots with major carriers such as Liberty Mutual, and Nationwide. This alignment with insurance brokers and carriers is critical to achieve the vision of developing a Digital Insurance Network through which all interested parties can access and share insurance coverage data in real-time.
TrustLayer’s founding team shares our conviction that building a single source of truth will enable insurance carriers to have a real-time understanding of the outstanding exposure and / or coverage of their risk. We were attracted to their clear and simple mission: to become the gatekeeper of all insurance and compliance related data in any business relationship. We could not be more excited to partner with TrustLayer on their journey to build the industry’s first Digital Insurance Network.
