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.
Gore Mutual | October 06, 2021
Solera | Audatex (Canada), a global provider of risk and asset management software and services to the automotive, fleet, and property ecosystems, announced that Gore Mutual Insurance Company (Gore Mutual) is the first Canadian insurer to rollout Qapter Estimating, Solera's revolutionary AI-based estimating platform.
Joining insurance companies around the world, Gore Mutual is the first Canadian insurer to utilize Qapter to assess vehicle damage for improved customer service. Qapter is the Solera | Audatex (Canada) next-generation browser-agnostic estimating and total loss workflow platform for staff, repair shops, and independent appraisers. At its core, Qapter allows stakeholders to perform their jobs more efficiently, with an intuitive user-interface designed for the needs of modern repair and claims operations.
Qapter drives huge efficiency gains for our customers already using it around the world, Those efficiency gains are mostly due to the accuracy of the estimate from quality data. Like other companies using Qapter, we know Gore Mutual and its collision repair partners are keenly focused on and desire both accuracy and efficiency. We are delighted to deliver them both.
- Michel Caron, vice president of sales, Solera | Audatex (Canada).
About Gore Mutual
Built on a foundation of financial strength for more than 180 years, Gore Mutual Insurance Company is one of Canada's first property and casualty insurance companies. Based in Cambridge, Ontario, we are a Canadian mutual company, with more than 500 employees focused on delivering outstanding insurance products and services to customers. In 2019, we launched our Next Horizon strategy—a 10-year plan—to transform Gore Mutual from a mid-size regional carrier to a national-scale insurer with over $20 million invested in talent and technology. We continue to strengthen Canadian communities through the Gore Mutual Foundation. Over the past 22 years, we have donated more than $10 million to over 790 charities.
Solera is a leading global data intelligence and technology solutions provider serving the vehicle lifecycle ecosystem. Through four lines of business - vehicle claims, vehicle repairs, vehicle solutions and fleet - Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, Dealersocket, Omnitracs, eDriving, Explore, cap hpi, Autodata, and others. Solera's innovative solutions empower smarter decision-making through software, enriched data, proprietary algorithms, and artificial intelligence that come together to deliver insights to our customers and accelerate business outcomes. Solera serves over 235,000 global customers and partners in 100+ countries.
High Street Insurance Partners | December 14, 2021
High Street Insurance Partners ("HSIP") announced today that it has acquired Nebraska-based GTA Insurance Group.
GTA Insurance Group provides comprehensive insurance and risk management solutions across Nebraska. It has an extensive agricultural practice and offers business and personal insurance, as well as benefits.
"We are thrilled to have GTA Insurance Group join HSIP, This represents over 30 new offices across Nebraska, which greatly expands our footprint in communities across the Midwest. More importantly, this partnership allows us to provide deep agricultural expertise to our clients."
-Scott Wick, CEO of HSIP.
We are excited to join HSIP. Together we will be able to better serve our clients, our employees, and our communities. We'll also be able to add new clients who will benefit greatly from this partnership and its shared, community focused philosophy.
- Krae Dutoit, President, GTA Insurance Group
HSIP is one of the fastest growing insurance brokerages in North America. The firm has now completed 83 acquisitions since forming the company in mid-2018.
About High Street Insurance Partners
High Street Insurance Partners (HSIP) is a full-service, independent insurance brokerage firm. Founded in 2018, the Traverse City, Michigan-based company provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions delivered through community-focused agencies. HSIP employs over 1,700 insurance specialists & consultants in offices based in Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, & Washington.