In an effort to streamline a customarily paper-intensive procedure, the partnership offers a digital solution for the on-demand verification of business insurance.

The collaboration aims to lessen the difficulties that companies encounter when dealing with antiquated, static insurance certificates. The partnership promises to lower fraud, expedite claims and underwriting procedures, and eradicate human mistakes by empowering policyholders and broker partners to verify commercial insurance coverage in real-time. This project demonstrates TrustLayer's dedication to digitizing risk management procedures and Nationwide's emphasis on customer-centric solutions.

A collaborative platform provided by TrustLayer automates the verification of licenses, insurance, and compliance paperwork. Its platform enables companies to safely verify third-party partners' insurance coverage across a range of sectors.

According to John Fohr, co-founder and CEO of TrustLayer, "you have to go beyond a certificate of insurance to be truly certain that your partners have the right insurance."

"An insurance certificate only confirms coverage at a specific moment in time. You need to utilize trustworthy policy data in order to obtain authentic evidence of insurance. Prior to TrustLayer, businesses simply verified certificates, not insurance documentation, he added. This is the way to go, in my opinion, not just for insurance but also for licensing and a host of other compliance situations where businesses need to build confidence. We have the good fortune to collaborate with hundreds of incredible partners to reinvent how businesses exchange and verify information to foster trust.

"Today's 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," stated Rob Chenoweth, nationwide vice president of national technical underwriting and automation for small commercial.

Because important stakeholders, such as a general contractor who depends on bonded and insured subcontractors, have no means of knowing this on-demand and might be held accountable in the event of an accident, this can be problematic if a policy is canceled or coverage is limited. This partnership with TrustLayer demonstrates our dedication to placing our customers and distribution partners at the center of all we do by streamlining the insurance verification process for them.