Aug 18, 2021 - Business

Tampa insurtech company TrustLayer nabs $15.1M Series A

Illustration of a hundred dollar bill with Benjamin Franklin holding an umbrella.
Illustration: Aïda Amer/Axios

A Tampa-based tech company reimagining the world of business insurance just got a huge influx of cash.

What’s happening: TrustLayer, a digital risk management platform, just closed a Series A funding round of $15.1 million.

  • Lightning owner Jeff Vinik is one of those investors, the company said in its announcement.

How it works: Trustlayer uses robotic process automation and AI — similar to the blockchain technology we covered earlier this year — so companies can automatically verify the insurance and licenses of their vendors, suppliers, borrowers and tenants.

  • It’s a game changer for accuracy, especially when compared to the old-fashioned paper method of insurance processing.
  • 90% of insurance certificates put companies at risk for serious liabilities by materially misrepresenting their coverage, according to a 2015 study.

What’s next: The company is using the new funds to hire engineering and sales workers locally and nationally.

  • And it aims to launch a fully-digital proof of insurance product to make the lives of carriers, brokers and the insured easier.
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