TrustLayer | August 19, 2021
TrustLayer, a collaborative risk management platform, today announced it has closed a Series A funding round of $15.1 million. Craft Ventures led the round with participation from returning investors Abstract Ventures, Box Group, Propel Venture Partners, NFP Ventures, Sure Ventures, and new investor PruVen Capital. As part of the funding round, Brian Murray, Partner and COO at Craft Ventures, will join TrustLayer's Board of Directors.
In just two years, TrustLayer has established itself as the preferred solution to replace the insurance industry's antiquated, paper-based methods for verifying coverage, which introduce significant risk to supplier-driven sectors such as construction, banking, property management, and sports entertainment. TrustLayer is backed by 20 of the top 100 leading brokerages, including the Graham Company, Holmes Murphy, Heffernan Insurance Brokers, M3, and BrokerTech Ventures.
Research shows that 75 percent of U.S. businesses are underinsured. In addition to risk, the current process is costly for insurers and the companies requesting verification: 200,000 proof of coverage requests are made daily in the U.S., causing significant resource strain and administrative cost. 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.
Following several successful pilots in 2020, leading insurance brokers both invested in the company and elected to become sales channel partners, reselling the service to their own customers. BrokerTech Ventures, a group made up of 13 of the most innovative insurance agencies in the U.S. and 11 top-tier insurance companies, made TrustLayer their first investment in a company that completed their accelerator program. TrustLayer is the only solution with this level of industry support.
"It's clear that verification of insurance and business credentials is a pain point for millions of businesses, which is why we have seen such enthusiastic support for TrustLayer's secure, automated solution," said John Fohr, co-founder and CEO of TrustLayer. "We are especially proud to have such significant backing from a top-tier SaaS fund like Craft Ventures as well as some of the top insurance brokers in the country, a tremendous industry validation for our technology. We look forward to continuing this momentum with the support of our investors." The Series A financing comes after an impressive year for TrustLayer that included considerable growth in industries such as construction, property management, sports, and hospitality. The company is actively hiring top talent across its sales, marketing, and engineering teams to support the high demand for its solution. The new capital will also fuel the development of its live digital proof of coverage solution, and integrations with many insurance carrier systems of record, building upon pilots with major carriers such as Liberty Mutual, and Nationwide. TrustLayer's real-time digital certificate will unlock even more value, enabling brokers to more easily sell the right policy to vendors with inadequate coverage and helping insurance carriers more accurately assess potential risks.
"Insurance helps mitigate risk. For businesses, insurance plays a critical role in the durability of its operations. The problem is no one is exactly sure who's covered and by how much -- we're still swapping poorly scanned PDFs and faxes to prove outdated coverage," said Brian Murray, Partner and COO at Craft Ventures. "TrustLayer fixes this. Their technology automates the collection and verification of insurance, helping companies and their partners accurately assess risk and avoid business interruption."
Over the past year, TrustLayer has announced significant partnerships with associations and broker partners, including a recent partnership with Graham Company, one of the country's largest insurance brokers and employee benefits consultants, and with Procore.
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.
Chubb, Revolut | January 20, 2021
Chubb has announced the launch of a new insurance partnership with Revolut, a financial technology company that provides digital banking services.
The association program gives a wide scope of inclusion for Revolut's clients, including purchase protection, refund protection and ticket cancellation, where a Revolut account is utilized.
The strategy additionally offers inclusion where a client has an affirmed analysis of COVID-19 and is hence incapable to utilize occasion tickets purchased utilizing their Revolut account.
Chubb was chosen as the carrier because of its worldwide capacities and global footprint, along with its driving accident and health propositions and solid organizations skill. The program will be turned out across 22 nations.
"We are delighted with our new digital partnership with Revolut. We strive to build long-term, successful relationships with our insurance partners that deliver value for the partner and their clients. For us Revolut is a good example of digital innovation that aligns with our own ambitions," said Florian Eisele, Director of Accident and Health, Continental Europe.
"Our new partnership with Revolut marks a significant step for Chubb as we continue to drive relationships in the digital space. We are looking forward to working with the Revolut team to deliver valuable insurance solutions to their customers," said Goulven Thépot, Regional Head of Underwriting, Accident and Health, Continental Europe.
"We're always looking to provide the best value possible to our customers and help them get more from their money. We're constantly improving our paid plans and are delighted to partner with Chubb to add purchase protection, refund protection and ticket cancellation for our customers," said Felix Jamestin, Head of Premium Product at Revolut.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange and is a component of the S&P 500 index. Chubb supports executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide.
Snapsheet | August 18, 2021
Snapsheet, the pioneer of virtual appraisals and an emerging leader in cloud-native claims management software, today announced that Branch Insurance, the first insurer to offer instantly-bundled home and auto insurance, selected Snapsheet Claims software to deliver the modern claims experience to its rapidly-growing community.
By leveraging innovative technology, Branch has made the insurance-buying process quicker and easier than ever before. Using just a few pieces of information, Branch created a way to instantly bundle home and auto insurance. This technological superpower enables the insurtech to provide a frictionless experience and even offer insurance through its partners in the mortgage, home building, auto, and home security industries. Branch now looks to extend that same ease, speed, and convenience to its claims process, with the goal of delivering a seamless, digitally-driven member experience.
"We recognize that our members increasingly prefer digital-first experiences. With Snapsheet's technology, we are providing our members with enhanced capabilities, increased transparency into the claims process, and, above all, a delightful claims experience," said Charlie Wendland, Head of Claims at Branch. "The automation and flexibility powered by Snapsheet's software provides our claims team with tremendous efficiency and relieves them of administrative tasks so they can spend more time helping our members when they need us most."
Snapsheet's SaaS platform provides all the tools required for fully digitized, end-to-end claims management in one system—from the automated assignment of work, to optimized digital communications to effective workload management to digital payments and settlement—driving speed and results for insurers. With Snapsheet Claims, customers can harness the true power of data and automation to make better, faster claims handling decisions, improve agility and increase profitability. Snapsheet Claims software seamlessly integrates with modern, legacy, or multiple core systems with business line configurations to support multiple brands.
"A fast-growing startup and a pioneer in bundled insurance, Branch Insurance is part of a new class of digital insurance companies that leverages innovative tech to enhance the customer experience," said Andy Cohen, President and Chief Operating Officer of Snapsheet. "We are proud to equip Branch Insurance, along with our clients across the globe, with a platform that allows them to build a claims operating model for the digital world."
Snapsheet is the pioneer in virtual appraisals and a leader in cloud-native claims management software, enabling the most innovative claims organizations to deliver the best experiences for customers. With a focus on engagement, digitization, and intelligent automation, Snapsheet provides unmatched software and processes to improve customer experience, drive greater organizational agility, and deliver transformational benefits through its Snapsheet Cloud software suite and Appraisal Services offerings. Snapsheet leads the industry in claims innovation including the deployment of the fastest digital auto insurance claims process in the United States. As a trusted innovation partner, Snapsheet works with more than 125 clients, including many of the largest insurance carriers, third-party administrators, MGAs, insurtechs and sharing economy disruptors.
About Branch Insurance
Branch Insurance is on a mission to make insurance more accessible and affordable for everyone by tapping into the power of community. Utilizing innovative technology, Branch has made bundling home and auto insurance online quicker and easier than ever before. Branch was founded in 2017 by insurance veteran Steve Lekas and tech entrepreneur Joe Emison, and is headquartered in Columbus, Ohio. Branch is underwritten by the Branch Insurance Exchange and General Security National Insurance Company (GSNIC) and backed by SCOR SE, all A-rated insurance entities.