Brokers endorse digital proof of insurance coverage answer
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TrustLayer recently announced a collaboration with The Institutes RiskStream Collaborative, the largest blockchain consortium in the risk management and insurance industry, and several key consortium members including Liberty Mutual Insurance and Nationwide Insurance, to produce a Proof of Concept (POC) for the insurance company The industry’s first insurance verification verification certificate. The consortium hopes that TrustLayer’s RPA technology combined with RiskStream’s Canopy Distributed Ledger Network will transform the complicated and inefficient insurance review process into a fully integrated and streamlined process.
“Our digital proof of insurance has the potential to revolutionize the insurance industry as users can securely share and review insurance coverage in seconds,” said John Fohr, Founder and CEO of TrustLayer. “Currently, the process of validating insurance coverage is extremely manual and paper intensive. However, we have built a platform that automates the current paper-based workflow and uses AI and RPA to identify documents such as insurance certificates, statutes, OSHA documents, etc., extract key information, and then compare that information with the contractual information requirements. “
This versatile digital verification platform has attracted great interest from the insurance brokerage community as it enables brokers to deliver value-added digital risk advisory services in a digital way.
TrustLayer was a member of the first BrokerTech Ventures (BTV) Accelerator, a broker-led investor group and accelerator program that aims to develop the next generation of technology solutions for insurance agencies and brokers. In February, the company announced the completion of a $ 6.6 million seed funding round involving 20 of the top 100 insurance agencies in the United States, including Holmes Murphy, Heffernan, M3, NFP and Graham Company.
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At first glance, getting a digital proof of insurance and checking key records seems like an easy problem to solve, Fohr admitted, but there are issues with the agency and property. Every major stakeholder – insurance carriers, brokers, insured parties, risk managers, certificate holders – has their own motivations for what information they want to share, how they want to share it, and how they are willing to engage with it. That is the challenge Fohr focused on when developing TrustLayer: building something that meets the needs of all major stakeholders.
For example, carriers have historically been reluctant to share their proprietary data and information with policyholders. It is understandable because it is how they differentiate themselves in the market. However, with TrustLayer, they can keep their data isolated, private and behind their firewalls, while also checking that a party has coverage. The ability for freight forwarders to provide real-time evidence of insurance also helps them speed up their business transactions while lowering claims rates from fraud and manual errors.
“Risk managers don’t just want a tool that only handles insurance. The very first TrustLayer customer asked, “If you would like to contact all of mine, too [clients] Can you also get a W-9 and articles of association to keep track of your insurance? What about passport verification and OSHA documentation? “Our platform can process additional documents to meet risk manager requirements,” Fohr told Insurance Business. “The platform has to be really easy to use and understand for the insured. You won’t be an insurance expert; They just want something quick and easy that their documentation can review.
“And for brokers, the platform offers added value in that it can provide additional risk management services. Not only will this help them generate additional revenue, but they will also build better relationships with their customers as they will be able to provide more services that customers want and need. “