TrustLayer and Bespoke Metrics Partner to Support the Full Life Cycle of Subcontractor Compliance
Insurance verification and prequalification leaders join forces to help general contractors further automate subcontractor compliance.
January 31, 2023 SAN FRANCISCO, CA – TrustLayer and COMPASS by Bespoke Metrics, today announced a partnership to further assist the construction industry in managing subcontractors from prequalification through project term, and even completed operations. The partnership will offer a ‘packaged solution’ for general contractors looking to use TrustLayer’s industry-leading insurance verification and COMPASS’ prequalifcation platform.
“We’re on a mission to modernize the way businesses build trust when working together, verifying your subcontractors have the right coverage can be very complicated.” said John Fohr, Co-Founder and CEO at TrustLayer. “Prequalification is vital and COMPASS offers general contractors and subcontractors an excellent way to make this process more efficient.”
The partnership is a key component in solving the complex compliance needs of construction companies everywhere. By joining forces, companies can now focus less on paperwork and more on the reason they’re working together in the first place – building the world around us.
“Bespoke Metrics is committed to providing the absolute best-in-class prequalification software to the construction supply chain. Facilitating a partnership ecosystem that supports flexible integrations, transparent data ownership, efficient best practices, and quality based selection is key to our continuous evolution. We are excited to partner with TrustLayer to unite our products and our future development. ” said Micheal Ho, CEO of Bespoke Metrics.
TrustLayer automatically reads and interprets the information on a certificate of insurance (COI) in seconds, while COMPASS brings a unique approach to data collection and analytics – coordinating annual data collection and verification on behalf of the construction supply chain. Together this creates an unmatched experience for both the general contractor and their subcontractors.
Both TrustLayer and COMPASS are the leaders in their space. TrustLayer has been chosen by scores of the largest carriers and brokers in the insurance industry to solve one of its biggest problems – tracking and validating insurance. They have also received investments from more than 25 of the top 100 brokers in the US and some of the largest names in venture capital.
COMPASS has been selected as the prequalification software of choice by some of the largest general contractors in North America. Their proprietary 1Form allows for subcontractors to prequalify across many general contractors, optimizing the subcontractor experience. COMPASS is also heavily supported by the insurance industry with Carriers offering the tool as a value add to their insureds.
This partnership is quite possibly the best way for enterprise construction companies to manage pre-qualification as well as track and verify compliance of their subcontractors. The strength of both solutions is demonstrative of both firms’ commitment to provide an excellent experience for their clients and their counterparties.
TrustLayer is a risk modernization platform that makes it faster and easier for businesses to collect and verify the crucial compliance documents needed to work together. With TrustLayer, companies can securely automate the verification of insurance, licenses, and compliance documents of their business partners (i.e., vendors, subcontractors, suppliers, borrowers, tenants, ridesharing, and franchisees) in an easy-to-use digital dashboard. TrustLayer is working with dozens of the largest brokers and carriers in the U.S. to build out a fully digital proof of insurance solution so companies will be able to validate in real-time that their business partners have the correct coverage. Founded by John Fohr and Vincenzo Acinapura, the company is backed by leading investors, including Craft Ventures, Abstract Ventures, Box Group, Propel Ventures, Sure Ventures and PruVen Capital, and has also received investments from more than 25 of the top 100 insurance brokers.
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About Bespoke Metrics
COMPASS by Bespoke Metrics is a leading prequalification platform that supports data collection, verification and analytics across the entire construction supply chain. Unique to COMPASS, subcontractor data is collected through the standard universal 1Form. General contractors receive data driven analytics to support decision making to mitigate project and default risk. Subcontractors have full control over who can see their data, utilize 1Form for all their prequalification and data requests, and can access powerful analytics to gain new business opportunities.
To learn more about Bespoke Metrics visit compass.bespokemetrics.com or contact us at firstname.lastname@example.org or 1-800-689-6819 to schedule a demo.