National brokerage and industry-leading startup take risk management and insurance verification compliance to next level.
Holmes Murphy, one of the nation’s largest independently owned insurance brokerages, is excited to announce its formalized partnership with TrustLayer, a leading-edge, innovative company focused on enabling faster and more efficient proof of insurance verification, while helping clients better manage risk.
“One of Holmes Murphy’s main goals is to identify risks sooner and drive down costs faster, all the while streamlining time-consuming, mundane, and risky tasks our employees take care of for our clients,“ said Ellen Willadsen, Holmes Murphy Chief Innovation Officer. “The unique value TrustLayer brings to the equation is the ability to automate the insurance verification process using robotic process automation (RPA) and artificial intelligence (AI). This provides our clients with peace of mind knowing the coverage their business partners have in place is adequate, validated, and compliant. It’s just one more way Holmes Murphy is working to innovate within the insurance industry to benefit our clients.”
It’s long been known insurance verification is a manual process with millions of static documents changing hands across the U.S. The cost and risk of this outdated process is high, with studies showing that 75 percent of vendors are underinsured. This is where TrustLayer comes in. The company uses RPA and AI to automate this process securely, so companies can automatically verify the insurance and licenses of their vendors, suppliers, borrowers, and tenants. After early success with their platform, Holmes Murphy is excited to roll this out to our clients.
“It’s clear that validating insurance is broken if, in a world filled with technology, people are still picking up the phone, printing, faxing, and filing these documents millions of times each year,” said John Fohr, co-founder and CEO of TrustLayer. “We’re building the modern way for businesses to approach risk, compliance, and insurance verification, and it certainly doesn’t involve call centers or fax machines. It requires true partnership to connect to systems of record and get to the ground truth of a policy. I’m particularly pleased that Holmes Murphy and the BrokerTech Ventures community join TrustLayer in that vision, and we welcome their partnership as we solve this critical industry-wide problem.”
“We’re especially proud of the work TrustLayer is doing not only for Holmes Murphy, but the entire insurance industry,” said Willadsen. “As a member of our BrokerTech Ventures 2020 inaugural Accelerator cohort, it’s fulfilling to see the company lead the way in terms of revolutionizing and streamlining what are incredibly tedious and risky processes for businesses. This is what we created BrokerTech Ventures to do, and it’s exciting to see the evolution of the companies that have taken part.”
