Nationwide, a Fortune 100 financial services and insurance organisation based in Columbus, Ohio, and TrustLayer, an AI-powered risk management platform headquartered in San Francisco, have announced an innovative partnership.
The collaboration introduces a digital solution for the on-demand verification of commercial insurance, aimed at simplifying a traditionally paper-heavy process.
The partnership seeks to alleviate the challenges businesses face with outdated, static certificates of insurance. By enabling policyholders and broker partners to validate commercial insurance coverage in real-time, the collaboration promises to reduce fraud, streamline claims and underwriting processes, and eliminate manual errors. This initiative reflects Nationwide’s focus on customer-centric solutions and TrustLayer’s commitment to digitising risk management processes.
TrustLayer offers a collaborative platform that automates the verification of insurance, licences, and compliance documents. Its technology allows businesses to validate the insurance coverage of third-party partners across various industries securely.
John Fohr, co-founder and CEO at TrustLayer, explained, “To be truly certain that your partners have the right insurance, you have to go beyond a certificate of insurance
“A certificate of insurance only validates coverage at a point in time. To achieve true proof of insurance you must use reliable policy data. Before TrustLayer, companies only validated proof of certificate – not proof of insurance,” he expanded. “I believe this is the way forward – not only for insurance but for licensing, and countless other compliance scenarios where trust must be established between companies. We are fortunate to work with dozens of amazing partners, to reimagine the way companies share and validate information in order to build trust.”
Nationwide vice president of national technical underwriting and automation for small commercial Rob Chenoweth said, “Today, industry standard for verifying proper insurance coverage relies on static, paper-based certificates of insurance and places the responsibility on companies to track and validate authenticity on an ongoing basis.
“This can be problematic if a policy is canceled or coverage is reduced, because relevant stakeholders – for instance a general contractor who relies on bonded and insured subcontractors – have no way of knowing this on-demand and could be held liable if an accident occurs. This relationship with TrustLayer is designed to simplify the insurance verification process for our customers and distribution partners and is another example of our commitment to putting them at the centre of everything we do.”
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