TrustLayer (TrustLayer.io), an insurtech startup, has come out of stealth mode and announced the launch of an automated insurance verification platform. Today, the company also announced a partnership with the top residential construction network, Builder Partnerships, 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 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 has developed a world-class, enterprise solution,” said David E. Rutter, R3 CEO and co-founder. He continued by pointing out that the platform will “help solve a real pain point for businesses.” The company’s technology is applicable to any size business that needs to track and verify insurance, not just enterprise-level entities. “Our platform protects businesses from costly claims by ensuring certificates of insurance actually meet compliance requirements and that the policies are valid,” said Vincenzo Acinapura, chief technology officer of TrustLayer.
TrustLayer chose construction and real estate development as its initial market for the solution due to the amount of fraud surrounding insurance in the industry as well as the prevalence of manual processes used to track insurance. “You don’t know you are in trouble until you are in trouble. You think you are collecting the right documents and that they’re current.
All of the 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,” said Chuck Shinn, President and founder of Builder Partnerships.
Coming out of Beta with a partnership of this size enables the company to realize immediate growth and traction while being able to also gain valuable feedback from some of the top residential home builders in the country.