Insurtech TrustLayer secures $6.6m funding for insurance verification solution
Insurtech TrustLayer, a collaborative risk management platform, has secured backing from 20 of the top 100 insurance agencies in the US for its real-time proof of insurance verification solution and compliance automation platform.
The start-up has raised $6.6 million in a seed financing round led by Abstract Ventures, with participation from Propel Venture Partners, NFP Ventures, BoxGroup, and Precursor Ventures. Some of the participating insurance agencies included Holmes Murphy, Heffernan, M3, NFP and Graham Company.
BrokerTech Ventures, a group made up of 13 innovative insurance agencies in the US and 11 insurance companies, also participated in the seed round.
TrustLayer is working with brokers and carriers in the US to build out a digital proof of insurance solution that will enable companies to automate the verification of insurance, licenses, and compliance documents of their business partners (i.e., vendors, subcontractors, suppliers, borrowers, tenants, ridesharing and franchisees).
The company said it will use the funding to scale operations, expand its sales and marketing efforts, and for the development of its digital proof of coverage solution with The Institutes RiskStream Collaborative, a blockchain insurance consortium in the US, as well as integrations with insurance carrier systems of record.
"We're honored to have the support of so many of the top 100 insurance brokers. Verification of insurance and business credentials is a pain point for millions of businesses and demands a solution that is automated and secure," said John Fohr, co-founder and CEO of TrustLayer.
Dan Keough, chairman and CEO of Holmes Murphy and co-CEO of BrokerTech Ventures, commented: "We continue to be impressed and encouraged by the momentum and industry adoption of the TrustLayer technology and risk management platform. We view TrustLayer's involvement in our inaugural BrokerTech Ventures Accelerator program as a catalyst for them to become the information clearinghouse for the insurance industry, and we are delighted to be a part of their capital raise and continued success."
David Mort, partner at Propel Venture Partners, said: "We are excited to back TrustLayer as they modernize the insurance stack, starting with compliance automation and digital proof of coverage. The customer and investor interest from leading brokerages validates TrustLayer's approach and we look forward to working with all to transform the way the insurance industry shares information."
"We're honored to have the support of so many of the top 100 insurance brokers," said John Fohr, co-founder and CEO of TrustLayer. "Verification of insurance and business credentials is a pain point for millions of businesses and demands a solution that is automated and secure."
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