TrustLayer, a collaborative risk management platform, announced the launch of a fully digital insurance verification pilot with Great American Insurance Group’s Specialty Equipment Division. Automated digital proof is the future of insurance verification. It solves an industry-wide pain point that impacts virtually every business.
Often, when working together, businesses must demonstrate that sufficient insurance coverage is in place on their equipment. Currently, proving insurance coverage involves inefficient, manual processes that provide a static view of coverage with no means of tracking policy cancellations, changes, or fraud. Great American’s Specialty Equipment Division primarily serves the equipment leasing, dealer and rental channels supporting the construction, manufacturing, medical, printing, restaurant, and other industries. These and others at the core of the American economy and infrastructure rely on Great American to protect their interests. TrustLayer’s solution could help them verify in real-time that sufficient coverage exists and is in force.
TrustLayer’s automated digital proof of coverage solution uses Robotic Process Automation and artificial intelligence (“AI”) to help eliminate issues surrounding static Certificates of Insurance, provide real-time policy event information, and reduce manual, error-prone processes that can negatively impact stakeholders in the risk transfer chain.
Since launching its first pilot just over a year ago, TrustLayer has been working with insureds, brokers, and carriers to develop this fully digital end-to-end solution that serves all parties involved in risk-bearing business transactions.
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“We’re committed to transforming the coverage experience and proof of insurance for equipment finance.” said Brendan Cronin, the digital transformation director of Great American Specialty Equipment. “We’re thrilled about working with TrustLayer to explore solutions for more automated coverage verification, which we believe is critical for our clients.”
Great American’s Specialty Equipment Division is one of the leading providers of innovative and proven insurance solutions that serve a wide array of needs specific to niche equipment markets. The Division’s products and services help businesses reduce risk, drive profitability, and meet the needs of their customers. Great American’s Specialty Equipment Division’s policies are underwritten by Great American Insurance Company, Great American Assurance Company and Great American Spirit Insurance Company, authorized insurers in all 50 states and the D.C., 301 E. Fourth St., Cincinnati, OH 45202.
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“We are incredibly encouraged by the continued interest TrustLayer’s fully digital proof of coverage is receiving from the insurance industry, and we are especially honored by the enthusiasm of Great American’s Specialty Equipment Division.” said John Fohr, the co-founder and CEO of TrustLayer. “I look forward to continuing to work collaboratively with industry leaders like Great American to build a solution that will benefit the entire industry for years to come.”
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