Insurtech TrustLayer has come out of stealth mode and is now working with Building Partnerships.
In addition, TrustLayer launches its automated insurance verification platform. The start-up automates the proof of insurance workflow with machine learning, AI, and distributed ledgers.
Customers and pilot partners in industries such as construction and property management use TrustLayer to track and verify certificates on insurance and other documents. In addition, it increases vendor compliance and aids using the platform for multiple use cases. It is on the R3 Corda distributed ledger ecosystem.
Coming out of Beta, or stealth mode, means the company can grow quicker and gain traction.
Building Partnerships is one the largest production home builders in the US with over 1,400 home builder members. The network is projected to construct over 160,000 homes in 2019 alone.
“TrustLayer has developed a world-class, enterprise solution,” said David E. Rutter, R3 CEO and co-founder.
He continued by pointing out that the platform will “help solve a real pain point for businesses.”
“Our platform protects businesses from costly claims by ensuring certificates of insurance actually meet compliance requirements and that the policies are valid,” said Vincenzo Acinapura, chief technology officer of TrustLayer.
“You don’t know you are in trouble until you are in trouble. You think you are collecting the right documents and that they’re current. All of the sudden you have an audit and you find out that some of your documents are for the wrong type of insurance or for expired policies; and you have an accident then find out you are not covered. With TrustLayer, homebuilders would know well in advance if there were issues with the insurance of their subcontractors,” said Chuck Shinn, President and founder of Builder Partnerships.
This year, Aon merged its construction & engineering and inland marine teams into a single dedicated global unit within its reinsurance solutions operation.
The move is part of the company’startegy to boost growth opportunities.