Posted February 09, 2021
The exodus from that different bay space to Tampa Bay continues. TrustLayer, an insurtech startup whose clientele contains Nationwide and Liberty Mutual, has bid adieu to Silicon Valley, shifting its headquarters from San Francisco to Tampa.
TrustLayer’s software-as-a-service platform automates the proof of insurance coverage course of, including pace and effectivity to what can usually be a cumbersome, paper-based course of that may lavatory down offers and agreements between firms. Its enterprise mannequin enticed none aside from Tampa Bay Lightning proprietor Jeff Vinik, who contributed to TrustLayer’s $6.6 million seed funding spherical that was led by Summary Ventures. Twenty of the nation’s prime 100 insurance coverage firms additionally invested, in keeping with a information launch.
“The ache level we’re fixing is that when two firms work collectively, there’s usually a variety of friction, particularly originally of that relationship, with identification data credentials,” TrustLayer co-founder John Fohr mentioned in an interview with the Catalyst. “And so we’ve constructed a platform that helps firms validate, gather and monitor details about their enterprise companions.”
In line with Fohr, the marketplace for TrustLayer’s service is almost limitless, as a result of insurance coverage verification is a course of that happens “lots of of tens of millions of occasions” yearly in just about each sector of the economic system.
“Each auto mortgage in America, each mortgage in America, each time a plumber walks onto a job web site, each piece of leased gear … it is a trillion-dollar business,” Fohr mentioned. “Let’s say I offer you two million bucks to purchase a crane. I want you to be sure to have [insurance] protection on it. And that’s all carried out via paper now. With TrustLayer, you’ve simply automated most of that paperwork.”