TrustLayer utilises RPA and AI to automate the insurance verification process and Holmes Murphy aims to use this as well. Through TrustLayer, companies can automatically verify the insurance and licenses of their vendors, suppliers, borrowers and tenants.
“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 of for our clients,” said Ellen Willadsen, Holmes Murphy chief innovation officer.
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“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 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,” added 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,” continued Willadsen.
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