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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