Insurance verification startup TrustLayer recently announced it has secured a $15.1 million Series A funding. Canapi Ventures led this funding with participation from Defy Partners and other strategic investors.
This investment follows TrustLayers $1.8 million seed round led by Croesus Ventures and Defy Partners. These funds will be used to scale TrustLayers platform and expand its customer network.
Overview of TrustLayer
TrustLayer, an insurance verification startup, recently announced the completion of a $15.1M funding round touted by investors and partners such as Andreessen Horowitz (a16z), Bessemer Venture Partners, NeoTribe Ventures, and Plug & Play. This funding round was led by a16z with significant follow-on investments from existing investor Plug & Play and institutional investment from Peony Capital and existing investors NeoTribe Ventures, Bessemer Venture Partners, Clocktower Ventures, Quona Capital, Nextlaw Labs/Dentons, and Mucker Capital.
Based in California’s Silicon Valley and Bengaluru in India and founded in 2017 by veterans of Microsoft Research Lab Bengaluru (MRLB), TrustLayer is leveraging machine learning technologies to enable financial institutions to offer significantly enhanced consumer experiences that are tailored around contextual trustworthiness. The company’s platform helps underwriters quickly determine the risk associated with a customer at the onboarding stage by eliminating manual reviews with automated integrity checks. This reduces costs associated with managing fraudulent cases while offering unparalleled customer service experiences.
The platform is designed to provide full-stack digital identity solutions encompassing identity fraud prevention solutions across multiple channels such as email delivery agents to address “false positives” businesses may incur when validating customers’ identities against government sources of record or other reference sources.
Additionally, utilizing Graph Network technology clients can construct insights into their customer base through relationship exploration allowing them to make better decisions with better accuracy even when data is unavailable or inaccurate across all channels. TrustLayer also offers privileged access management solutions designed to help its customers build stable infrastructure for compliance operations helping them identify sensitive information assets within their companies before any malicious activity can occur using AI models for further evaluation of data likely related to account takeovers or other suspicious activity concerning accounts accessed through the trusted layer platform.
Overview of the Funding
TrustLayer, an insurance verification startup, recently announced that it has landed $15.1 million in a new round of funding led by Norwest Venture Partners. According to the company press release, this significant influx of capital will further accelerate the development and deployment of its national insurance verification platform by quickly scaling engineering teams and product development initiatives.
This investment also brings together leading investors from across the financial technology and insurance spaces including Glade Brook Capital, Keen Ventures, Convergent Ventures, QED Investors, Pillar VC and American Family Ventures.
As part of this announcement, TrustLayer is expecting to expand its platform services—which currently offer real-time verification for insurance certifications across all 50 states in the U.S.—and will now allow brokers and buyers to manage the entire certificate life cycle process through verifications from multiple providers on a single platform dashboard. Additionally, with this latest funding round behind them TrustLayer plans to swiftly launch out of beta phase with their upcoming product updates.
The completed funding round marks an important milestone for TrustLayer as it signals strong growth potential for their innovative platform which is designed to streamline the certificate management processes for all types of businesses today – revolutionizing how companies interact with each other in transferring important business risk data across industries involved in business transactions both domestic and abroad.
Background
TrustLayer is an insurtech startup that provides identity verification solutions for the global insurance industry. Founded in 2019, the startup has closed a $15.1M Series A funding round led by Hercules Capital, with participation from other investors including Omidyar Network, InsurTech and Plug and Play.
The round brings TrustLayers total funding to date to $17.45M. The new funds will be used to hire more talent, build their product offerings and expand the company’s presence in the US and globally.
Insurance Verification Industry
The insurance verification industry has recently seen tremendous innovation and technological progress. However, with today’s insurance systems’ complexity and ever-changing regulations, many companies are turning to third-party providers for assistance. TrustLayer is a startup that simplifies and streamlines the verification process for companies and customers alike.
TrustLayer leverages technologies such as Machine Learning, AI, Natural Language Processing (NLP), and Robotic Process Automation (RPA) to simplify verifying customer identity, ensuring trustworthiness, and automating policy management between customers and insurers. These features make it easy for customers to understand their policy terms while protecting them against fraudulent activity.
Recently, TrustLayer announced that they have secured $15.1M in funding from venture capital firms DHVC, Y Combinator Continuity, MetaProp Capital, Matrix Partners China, Z5 Capital and Greenland Financial Group. This secured funding will help TrustLayer continue to invest in product innovation and scale its operations globally over the next year. In addition, with this new capital injection into the insurance verification sector, other startups may also be driven to innovate with more advanced techniques to help make life easier for consumers when verifying their identities with insurers.
TrustLayers Unique Position in the Market
TrustLayer is an insurance verification startup recently completing its Series A funding round, raising $15.1M from venture capital and private investors. Founded in 2018, TrustLayer is focused on streamlining the verification process for insurers to speed up their underwriting process.
TrustLayers tailored software solutions enable insurers to quickly and securely validate customer information while minimizing potential fraud or mis-documentation and decreasing manual processing time. As a result, the company seeks to provide a faster and more accurate means of verifying customer information, reducing errors and increasing operational efficiency.
TrustLayers business model is unique in the insurance verification space, combining human expertise with automated technologies to create an innovative platform that is simple enough for non-technical users to use and sophisticated enough to leverage the latest AI technology advancements like natural language processing (NLP). In addition, this high level of automation enables TrustLayer clients to reduce wait times on customer onboarding from several days to under 10 minutes with minimal effort on the insurer’s part.
By leveraging its highly automated solution, TrustLayer can provide insurers with a tailored experience at every stage of their process by helping them identify trends in customer data and detect anomalies that suggest fraudulent activity before it happens. In addition, TrustLayer’s comprehensive insurer kit integrates seamlessly with existing day-to-day operations providing fast onboarding times without additional administrative overhead for the insurer or customers.
With this recent infusion of capital, TrustLayer plans on investing heavily in research & development and marketing infrastructure growth enabling them to reach new markets and attract even more customers seeking forward-thinking streamlined insurance solutions.
Insurance verification startup TrustLayer lands $15.1M
Insurance verification startup TrustLayer recently raised $15.1 million in a Series A funding round led by a group of investors. This investment will help TrustLayer accelerate its growth and continue to create products to help insurance-related businesses streamline processes with integrity and trust.
This round of funding will bring the company to $17.2 million raised since its inception in 2018. Now, let’s dive into the details of this funding.
Investors Involved
TrustLayer, a startup providing insurance verification and administration solutions, has raised $15.1 million in new financing. The round was led by Afore Capital, with participation from Core Innovation Capital and other strategic investors, including Splice Ventures and Flourish Ventures.
The company aims to bridge the gap between the insurance sector and new technology companies with its suite of products offering comprehensive data insights on coverage limits and seamless claims management processes. Through TrustLayers’s platform, insurance providers can quickly access coverage requests from customers in real time for different kinds of policies. It also offers insurers transparency into service performance indicators such as turnaround time and cost per request.
It is reported that the fresh injection of capital will be leveraged to accelerate platform development for the company’s Transactional Insurance Platform (TIP). In addition, this will help bolster its Verification Engine, Claims Engine, Contract & Relationship Management System (CRMS), and workflow automation capabilities. With this investment, TrustLayer plans to double its workforce in product engineering, data science & analytics, sales & growth functions over the next twelve months.
Use of Funds
TrustLayer, an insurance verification startup, has announced that it has raised $15.1M in its Series A funding round from VCs and investors including Andreessen Horowitz, F-Prime Capital and SAP.iO Fund. The funding will be used to develop and expand TrustLayers platform to meet growing demand for insurance verifications worldwide, particularly in the U.S., Europe and Australia.
The capital is expected to improve verification process accuracy while reducing time consumption by helping organizations validate their customer’s correct insurance coverage quickly and securely via API. It will also bolster growth as new products are launched while simultaneously investing in research and development to further improve verification accuracy to advance the technology required to scale over time.
The funds will also be allocated for further expansion into various markets outside of the U.S., with a plan to hire key positions across product development, engineering, sales & marketing, including adding more revenue-generating activities alongside partner sales teams throughout 2021 & 2022 worldwide markets.
Impact of the Funding
TrustLayer, an insurance verification startup, has recently landed a Series A round of $15.1 million in funding. This is substantial funding for any startup, let alone one in the insurance sector. So what kind of impact will this have on the company and the sector as a whole?
Let’s look into the potential implications of this round of funding.
Growth in Customer Base
TrustLayer, an insurance verification startup, has recently landed $15.1 million in funding. This significant injection of capital will likely help the company to grow their customer base during this period of disruption and heightened demand for their services due to the pandemic. The money raised may also be used to speed up and improve the development of new technologies, expand their operations into other markets and strengthen their existing services.
The secure API-based platform that TrustLayer offers allows businesses to quickly and accurately verify if customers have adequate insurance coverages in place for a given task or appointment. In addition, it enables end users to confirm at checkout any financial protection options that may be required for a particular event or engagement, such as worker’s compensation or unemployment coverage. With this cost-effective system, TrustLayer can reduce the paperwork needed when dealing with customers who don’t have sufficient coverage in place.
Threshold Ventures led the latest round of funding with participation from previous investors including Cherry Ventures, 8VC and Box Group. The funds raised will help TrustLayer grow their customer base while potentially developing technologies designed to meet their clients’ needs more effectively and efficiently going forward.
Expansion of TrustLayer’s Services
The recent funding of Insurance verification startup TrustLayer was a major boost for the company and its services. The new capital is expected to help TrustLayer expand its customer base, develop its technology, and enter new markets.
TrustLayer works with insurance companies to quickly and easily verify clients’ identity and coverage plans. This digital process helps increase accuracy, reduce processing times, and streamline customer experience when seeking insurance coverage or making a claim. The company views the funding as an opportunity to further develop its verification platform, launch innovative product features, and more deeply engage customers.
The additional capital also allows TrustLayer to grow internationally by expanding its reach in European markets. With this increased support, TrustLayer aims to offer flexibility in terms of its products and services. In addition, an investment fund will be set up to catalyze broader industry-wide understanding of the benefits emerging technologies can bring over traditional analog ones regarding insurance services.
This funding milestone marks a defining moment for TrustLayer as they ramp up their efforts to revolutionize insurance validation processes while delivering greater value propositions to partners and customers.
Closing Remarks
TrustLayer boasts a unique blend of patented technology and operational expertise that will enable it to disrupt the way insurance verifications are conducted today, making insurance verification faster and more accurate across industries such as real estate, financial services, and lending. This recent round of funding reflects the rising demand for fast and reliable insurance verifications from established players within these industries. As a result, it will serve TrustLayer well as it looks to expand their offerings in the coming years.
The funds secured in this round will help TrustLayer scale up its operations, increasing its team of developers, product managers, customer success executives, marketers, sales representatives and other key members needed to support rapid growth. As a result of this investment, TrustLayer is well positioned to succeed in the market as it continues to deliver on its mission of enabling organizations to confidently assess risks related to customer onboarding. With an increased presence in key markets across North America, Europe and Asia Pacific regions the question is not if but when TrustLayer will become a leader in the industry.
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