NEW YORK, March 3, 2021 /PRNewswire-PRWeb/ -- NFP Ventures, the early-stage investment arm of NFP, today announced a strategic investment in TrustLayer, a next-generation collaborative risk management platform and one of the insurance industry's first real-time proof of insurance verification solution. Through a national partnership, NFP, a leading insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement, and individual solutions, will offer TrustLayer services to their clients.
The TrustLayer platform automates the verification of insurance, licenses and compliance documents of business partners. Employers have access to an easy-to-use solution that saves time, improves workflow and decreases risk by verifying insurance coverage in real time. The solution is customizable, so employers can create specific compliance goals for data that requires verification.
"TrustLayer is helping companies overcome a significant challenge with an efficient and nimble solution for verifying insurance coverages in real time," said Adam Blumencranz, vice president of NFP Ventures. "We're thrilled to invest in a tool that will transform the way insurance information is tracked and shared, and continue to provide exceptional services and technology tools to our clients."
NFP's Innovation Lab, which assesses innovative companies in the context of client needs and begins partnership discussions, played a central role in vetting the TrustLayer solution. With the help of the Innovation Lab team, NFP established a national partnership with TrustLayer shortly after the NFP Ventures investment, giving NFP clients access to the risk management platform.
"NFP remains focused on offering innovative solutions to meet the evolving needs of clients," said Mark Rieder, head of Innovation at NFP. "The TrustLayer platform utilizes AI and machine learning to offer a secure solution for certificate management that reduces errors for tasks that have traditionally relied on manual, time consuming data entry. We see the value of providing TrustLayer and are excited to see how it makes a meaningful difference for clients."
"We're excited to work with NFP and aid in supporting their efforts to help clients overcome big challenges," said John Fohr, cofounder and CEO of TrustLayer. "With NFP Ventures involved, we're collaborating to see where TrustLayer is working well, building from our strengths and making refinements that align with client needs. Their expertise, commitment to innovation and client access gives us targeted insights that enhance our work and the value we deliver to employers. As a result, NFP clients are using our offering, and providing positive feedback and sharing success stories, so we're looking forward to continuing the momentum."
About NFP Ventures
NFP Venture, LLC (NFP Ventures) is a venture fund launched by NFP that focuses on strategic partnerships and investments in the emerging Insurtech, Fintech and Digital Health arenas. NFP Ventures' mission is to find, fund and work successfully with visionary executives, providing them with expertise to foster long-term success. Typically, NFP Ventures targets companies seeking Seed to Series B investment that can benefit from NFP's distribution, human capital and other unique assets to accelerate their growth.
About NFP
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,800 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 5th best place to work in insurance and 6th largest US-based privately owned broker (Business Insurance); 9th commercial lines agency by P&C commercial lines revenue and 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best's Review).
Visit NFP.com to discover how NFP empowers clients to meet their goals.
About TrustLayer
TrustLayer is a collaborative risk management application that helps reduce friction between businesses. Companies can automate the verification of insurance, licenses, and compliance documents of their business partners (i.e., vendors, subcontractors, suppliers, borrowers, tenants, ridesharing and franchisees).
TrustLayer is also working with dozens of the largest brokers and carriers in the U.S. to build out a digital proof of insurance solution so companies will be able to automatically validate their business partners have the correct coverage.
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SOURCE NFP
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