Frost & Sullivan | August 17, 2021
Based on its recent analysis of the North American telematics data exchange market, Frost & Sullivan recognizes Verisk Analytics with the 2021 North American Company of the Year Award for pioneering connected telematics data exchange technology. With the largest data repository of connected vehicle driving data in North America, the Verisk Data Exchange provides significant value to consumers, insurers, and original equipment manufacturers. Consumers benefit from personalized premiums, insurers gain unprecedented access to telematics data from connected vehicles and operational efficiencies for their usage-based insurance (UBI) programs, and OEMs are able to deliver enhanced connected services that enrich the overall ownership experience for their drivers.
"Verisk has successfully built a platform that supports major stakeholders, such as insurers and OEMs, while planning for the future of connectivity," said Niranjan Manohar, Consulting Director, Mobility. "By providing instant access to telematics data from connected vehicles, its platform allows insurers to assess risks accurately. The resulting operational efficiencies enable them to not only streamline underwriting processes but identify and retain safer drivers and increase customer touchpoints."
With driver cosent, Verisk's platform collects data from more than 8 million telematics-equipped vehicles through relationships with four major OEMs: Ford, GM, Honda, and Hyundai. Through Verisk's risk analytics capabilities and reach to insurers, these OEM alliance partners can deliver high-value connected services that enhance the ownership experience, helping drivers improve and making it easier to unlock behavior-based discounts. Even though other telematics service providers draw data from millions of vehicles, few companies can boast the network effect that Verisk achieves through its Verisk Data Exchange.
In addition to connected vehicles, the platform also supports other sources of telematics data: third-party telematics solution providers (TSPs), aftermarket hardware solutions, and smartphones. This source-agnostic approach allows the Verisk Data Exchange to support both personal and commercial lines of auto insurance.
The data exchange model changes the dynamics between insurers and customers by enabling continuous and ongoing interactions. As connected vehicles become standard, insurers will find it easier to onboard new customers to usage-based insurance (UBI) policies because embedded telematics requires no additional monitoring. Verisk's popular DrivingDNA® solutions deliver advanced telematics risk scores and normalized telematics data to insurers at point of quote, allowing them to calculate safe driving discounts upfront. Furthermore, insurers can use this data to assess portfolio risk more accurately, create driver scoring models, and improve customer engagement tools, benefitting policy holders.
"In a space that has seen many new entrants emerge, Verisk remains a trusted name with years of experience. Besides four of North America's largest OEMs signing into the network, Verisk serves five of the top 10 insurers as well as numerous other mid-market, regional, and insurtech customers," noted Niranjan Manohar. "As the network of connected vehicles continues to expand, the Verisk Data Exchange is poised to scale and adapt to the needs of insurance partners, OEMs, and drivers."
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
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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.
InsurCard | September 23, 2021
InsurCard® the nation's leader in electronic payment solutions, has launched a breakthrough insurance technology for MSA recipients. InsurCard's Medicare Set-aside (MSA) Program helps MSA recipients manage their own insurance settlements using technology available through the payment card networks.
MSA recipients manage their own insurance settlements using technology available through the payment card networks.
Our program is a debit card-based product designed for individuals who have received an insurance claim settlement and need to follow Medicare Set-aside regulations. The MSA program is a set of automated tools that give the advantages of professional administration to those who choose to self-administer their settlement.
- InsurCard Founder and CEO Robert Mendte
While professional MSA Administration companies are available, more than 90% of MSA recipients choose to self-manage their insurance settlements. However, the regulations established by the Center for Medicare Services (CSM) can be complicated, and MSA self-management requires meticulous record keeping and comes with steep penalties for errors. This is one of many reasons why InsurCard's MSA solution is an ideal option.
Here are additional noteworthy features:
Discount programs for pharmacies, medical providers, drugs and durable medical equipment
Reduced pricing for hospital and medical bills based on State Workers Compensation schedules
Automated record keeping and CMS reporting assistance
Programmed Merchant Category Codes (MCC)
Debit cards that avoid inappropriate purchases based on CMS guidelines
Fund exhaustion mitigation through low balance notifications
Website access to all account transactions and balances
A HIPAA compliant 24-hour Call Center
In the InsurCard program, a debit card doubles as a pharmacy card and payment card. The debit card will only work on purchases allowed under CMS guidelines. All purchases are tracked and recorded for CMS annual reporting. If appropriate, money can be withdrawn from the account, but must be tracked by the individual.
Congress established the MSA legislation and subsequent regulations to protect the interests of Medicare and the U.S. taxpayer. Failure to properly administer an MSA account carries potentially severe consequences, including the denial of Medicare coverage when needed, which potentially leaves the beneficiary responsible for all medical claims and mismanaged funds.
Enrollment in the InsurCard MSA program is free of charge. Settlement recipients should always consult with their legal representative about the program.
Headquartered outside of Philadelphia, InsurCard has been the leader in electronic payments for the insurance industry for more than a decade processing over $4 billion in payments annually. InsurCard is a wholly owned subsidiary of Service Network Design, LLC. The InsurCard Prepaid Card programs are specifically designed to meet the stringent requirements of both the insurance and prepaid card industries.