TrustLayer recognized for achievements in Insurtech Infrastructure
NEW YORK, July 27, 2023 — CB Insights today named TrustLayer to its second annual Insurtech 50, showcasing the 50 most promising private insurtech companies in the world.
“This year’s Insurtech 50 winners are accelerating important innovations across an industry that has a direct impact on human health and well-being,” said Niall Williams, Lead Analyst at CB Insights. “From infrastructure to AI and analytics, our cohort is shaping the future of insurance in significant ways.”
“We’re building the modern way for businesses to approach risk, compliance and insurance verification,” said John Fohr, Co-Founder and CEO at TrustLayer. “It’s clear to us that the modern way certainly does not include having to pick up the phone to verify a certificate of insurance– something that, today, happens millions of times per year. I’m particularly pleased to see that vision recognized with our inclusion in the Insurtech 50. I welcome everyone to follow our journey as we solve this critical industry-wide problem.”
Utilizing the CB Insights platform, the research team picked these 50 private market vendors from a pool of over 2,000 companies, including applicants and nominees. They were chosen based on CB Insights datasets — including R&D activity, proprietary Mosaic scores, business relationships, Yardstiq transcripts, investor profiles, news sentiment analysis, competitive landscape, and team strength — and criteria such as tech novelty and market potential. The research team also reviewed Analyst Briefings submitted by applicants.
The Better Certificate of Insurance Experience for Businesses
A certificate of insurance is required in virtually any vendor relationship. COIs are largely seen as one of the insurance industry’s antiquated workflows. These static documents provide little value and yet hundreds of millions of COIs are relied upon every year.
Verification phone calls are costing carriers, brokers and business millions, whether they’re originating in the U.S., or, offshore they’re hitting someone’s call center and someone has to pay for it.TrustLayer is the only platform that is attempting to solve this by going directly to the policy. This ambitious approach gives its clients, brokers and carrier partners true verification. Not a facade of offshore phone calls, or worse – a reference to a previously provided COI as proof of insurance. Modern risk managers and insurance experts alike know that a COI provided one day means nothing the next. So networks serving up previously provided documents as proof are passing off a risky logical leap as the truth.
TrustLayer automatically reads and interprets the information on a certificate of insurance (COI) in seconds. When a limitation or requirement is not met, the certificate holder is non-compliant and often needs to secure additional coverage to be eligible to work with the requestor. This is where connectivity allows TrustLayer to validate this information from the source of truth, dramatically impacting the customer and vendor experience when it comes to providing proof of coverage. TrustLayer provides digital proof for its in network carriers and brokers in seconds, better yet no costly or annoying phone calls are required and you can actually trust that the policy is in force. This level of innovation is the modern way forward and anything else is more of the same.
Quick facts on the 2023 Insurtech 50:
- Equity funding and deals: Overall, the cohort has raised $9B+ across 174 equity deals since 2018. In 2022 alone, companies from this cohort raised $2.4B across 31 deals.
- Unicorns. There are 12 companies with $1B+ valuations on the list.
- Geographic Distribution. This year’s winners represent 10 different countries across the globe. Thirty-one of the selected companies are headquartered in the US. The UK comes in second with 5 winners, followed by Israel and France with 3. Other countries home to at least 1 winner on this year’s list include Australia, Germany, Belgium, Singapore, Chile, Canada, and Indonesia.
About CB Insights
CB Insights builds software that enables the world’s best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.
Contact:
Media@cbinsights.com
About TrustLayer
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. 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. To learn more, visit trustlayer.io, or follow us on Facebook, Twitter, and LinkedIn.
Contact:
Don Halliwell
Head of Marketing
TrustLayer
team.marketing@trustlayer.io
