Great American Insurance Group Specialty Equipment Division and TrustLayer announce the launch of a real-time tracking solution for the equipment finance industry. This enhances the API-driven coverage solutions that Great American Specialty Equipment provides to equipment leasing by adding the option of TrustLayer, a platform that leverages Robotic Process Automation (RPA), AI and other technologies to entirely modernize proof of coverage.
“Equipment finance companies face both increased risk and additional operational costs if they don’t handle insurance the right way” said John Fohr, Co-Founder and CEO at TrustLayer. “Great American Specialty Equipment has a strong commitment to providing programs to these companies that can help. Now their embedded coverage can include TrustLayer as a service, one which automates the verification of coverage.”
The combined solution delivers the following benefits:
- Easy integration through API
- Coverage options for financed equipment and vehicles
- Customer and agent-friendly insurance verification options
- Automated document processing through AI and machine learning
“We’re pleased to work with TrustLayer and bring their solution to our clients,” said Vic Villegas, Divisional President at Great American Specialty Equipment. “Their platform delivers advanced technology to the problem of insurance verification and tracking, and this works very well with our digital solutions. Their team has done an impressive job in solving problems for us and our clients. With TrustLayer we can offer even more options to help our clients manage insurance in ways that expedite funding, manage risk, and deliver a great customer experience.”
“Great American has an excellent reputation in equipment leasing and a strong commitment to their clients” added Fohr. “We’ve been happy to innovate together on this solution and improve the insurance experience for this industry.”
Building a better insurance experience for businesses.
The volume of documents manually changing hands, and verification phone calls being placed are a drag on our economy costing everyone in the ecosystem millions. Whether these requests are originating in the U.S., or offshore, they’re hitting someone’s call center and someone has to pay for it. TrustLayer is the only platform that is attempting to solve this by going directly to the policy.
TrustLayer automatically reads and interprets the information on a certificate of insurance (COI) in seconds. When a limitation or requirement is not met, the certificate holder is non-compliant and often needs to secure additional coverage to be eligible to work with the requestor. This is where connectivity allows TrustLayer to validate this information from the source of truth, dramatically impacting the customer and vendor experience when it comes to providing proof of coverage.