AI-powered platform receives investment to boost live proof-of-coverage service

A US-based risk management platform has closed a Series A funding round of $15.1 million and has appointed an investor to its board of directors.

The round was led by Craft Ventures with participation from returning investors Abstract Ventures, Box Group, Propel Venture Partners, NFP Ventures, Sure Ventures, and new investor PruVen Capital.

TrustLayer has established itself as an alternative to the insurance industry’s paper-based methods for verifying coverage.

It is backed by 20 of the top 100 leading brokerages, including the Graham Company, Holmes Murphy, Heffernan Insurance Brokers, M3, and BrokerTech Ventures.

Some 200,000 proof of coverage requests are made daily in the US, causing significant resource strain and administrative cost, however, the platform’s AI and automation services speed up the process securely so companies can automatically verify the insurance and licenses of their vendors, suppliers, borrowers, and tenants.

On the back of pilots in 2020, the group gained the financial and sales backing of leading US insurance brokers.

TrustLayer is aiming to build 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.

“It’s clear that verification of insurance and business credentials is a pain point for millions of businesses, which is why we have seen such enthusiastic support for TrustLayer’s secure, automated solution,” said John Fohr, co-founder and CEO of TrustLayer.

“We are especially proud to have such significant backing from a top-tier SaaS fund like Craft Ventures as well as some of the top insurance brokers in the country, a tremendous industry validation for our technology. We look forward to continuing this momentum with the support of our investors.”

As part of the funding round, Brian Murray (pictured), Partner and COO at Craft Ventures, will join TrustLayer’s Board of Directors.

It comes after a period growth in industries such as construction, property management, sports, and hospitality as well as a series of hires across its sales, marketing, and engineering teams.

The new capital will be used to further the development of TrustLayer’s live digital proof of coverage solution, and integrations with many insurance carrier systems.

Brian Murray, partner and COO at Craft Ventures says that TrustLayer fixes the legacy issue of knowing who is covered and by how much.

“Their technology automates the collection and verification of insurance, helping companies and their partners accurately assess risk and avoid business interruption,” he said.

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