TrustLayer, an insurtech startup, has launched an automated insurance verification platform. It has also announced a partnership with residential construction network, Builder Partnerships. The latter is one of the largest production home builder associations in the United States.
“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.
TrustLayer is an insurtech solutions company which automates insurance verification with machine learning and AI. Its enterprise blockchain app, currently in beta, aims to provide real-time updates using the R3 Corda distributed ledger ecosystem.
TrustLayer chose construction and real estate development as its initial market due to:
- the amount of fraud surrounding insurance in the industry
- the prevalence of manual processes used to track insurance.
TrustLayer seeks to increase insurance compliance while decreasing organisational risk by:
- adopting a DLT solution (using the Corda platform)
- saving time by reducing repetitive tasks that are error prone and time-consuming
- improving workflows with easily requesting of and verifing of proof of insurance from business partners
- introducing immutable records, with increased accuracy of broker data as well as decreased E&O exposure
- offering a cryptographically verifiable audit trail, in effect providing real-time auditing of insurance
- enabling customisation – with users able to create compliance goals for any information needing verification
- decreasing risks – by verifying insurance coverage and other compliance documents in real-time.
Builder Partnerships and TrustLayer
Customers and pilot partners in multiple billion dollar industries – such as construction and property management – need capabilities which improve ease of use, tracking and verifying of certificates of insurance and other business documents.
Builder Partnerships is a unique as a networking organisation which supports leading regional builders and manufacturers as they compete in today’s complex business environment. It helps members:
- generate better financial returns
- establish strategic relationships
- enhance management practices (through access to ReadyKnowledge).
The TrustLayer automated insurance verification platform has begun onboarding. Working with Builder Partnerships its capabilities will be offered to over 1400+ home builder members who project they will build more than 160,000 homes in 2019.
“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.
Enterprise Times: what does this mean
Blockchain activity in the insurance sector is booming. ‘Insurtech’ is attracting multiple participants, especially where value and risks are high. The business logic of the Trustlayer and Building Partnerships combination makes sense.
As always proof of success is likely to take time. However good the technology, and TrustLayer benefits from its Corda technology base, acceptance lies in the hands of the participants – in this case the 1400+ Building partnerships members. Whether they will relate to the efficiencies offered, when their prime focus is likely on completing building projects, is the acid test. Will back-office logic reach front office (building site) focus?