Great American Insurance Group’s specialty equipment division and TrustLayer launched a real-time tracking solution for the equipment finance industry to enhance the API-driven coverage solutions that Great American Specialty Equipment provides to the equipment leasing industry by adding the option of using TrustLayer, a platform that leverages robotic process automation (RPA), artificial intelligence and other technologies to modernize proof of coverage.

“Equipment finance companies face both increased risk and additional operational costs if they don’t handle insurance the right way,” John Fohr, co-founder and CEO at TrustLayer, said. “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:

• Integration through APIs
• 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,” Vic Villegas, divisional president at Great American Specialty Equipment, said. “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,” Fohr said. “We’ve been happy to innovate together on this solution and improve the insurance experience for this industry.”