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Certificial Launches Real-Time Intelligent Insurance Verification Platform
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Certificial Launches Real-Time Intelligent Insurance Verification Platform

Certificial announced the launch of its company and its new real-time intelligent insurance verification platform.

February 8, 2022

September 19, 2019
3 min read


Blockchain-Based Digital Certificate of Insurance Platform to Transform Verification Process Provides Value to Insureds, Reduces Agency Costs & Addresses Compliance Needs

NEW YORK, NY (September 19, 2019) – Blockchain-based digital certificate of insurance provider Certificial today announced the launch of its company and its new real-time intelligent insurance verification platform, designed to simplify the supplier management process by providing businesses with instant access to certificates of insurance.

Effective immediately, insurers— from big brokers to small sized agencies— as well as Agency Management System (AMS) providers, are now able to integrate free of charge with Certificial to seamlessly share policy information for clients at the touch of a button.

Certificial is changing the way companies verify the insurance of another party, which is increasingly common as a variety of industries and organizations must verify insurance to make business decisions and meet compliance standards. Certificial customers (requestors) requesting insurance verification can enter specific insurance requirements and track details regarding receipt of insurance, endorsements, policy limits and duration. Compliance alerts are automatically provided to all stakeholders should issues arise.

Certificates of insurance are the highest transacted document in the insurance industry, and Certifical was built with the goal of streamlining the process and reducing the pain points associated with that process. Key benefits of Certifical integration for the insurance industry include:

  1. Reduced operational costs: eliminating non-revenue expense for agents and brokers.
  2. Superior customer experience for clients: providing a much more modernized approach.
  3. Real-time compliance alerts: curtailing the risk of fraud, misinformation, inadequate coverage, and lapses or reductions in coverage.
  4. Industry innovation: an important step toward fulfilling the promise of becoming a digital insurer.

Certificial is led by Peter Teresi, a tech leader and innovator who brings over 17 years of insurance technology experience and an acumen for building networks and solutions to what he considers to be one of the industry’s most immediate challenges.

“The process of submitting certificates of insurance is an operational expense and a logistical headache that has frustrated and slowed down our industry for decades. At Certificial, we see this as an ideal area to innovate and a real opportunity to use technology to drive positive change,” said Certificial CEO Peter Teresi. “From the smallest agent generating certs to the largest brokers, who have whole facilities that manage up to a million of these requests daily, integration with Certificial will allow agents, their customers, and their customers’ customers to interact all on a single platform, streamlining the process, reducing the overhead, and freeing up all parties to focus on growing their business, not generating paper work.”

Built on blockchain technology, the Certificial platform provides immediate information, as well as a record of the entire history of a business relationship. The distributed ledger foundation ensures that all parties will be able to access real-time information sharing and a verified source of transactional evidence.

Blockchain-based real-time data sharing and verification eliminates many of the issues that currently exist with the manual processing of certificates of insurance. With all three parties – requestors,  insureds and insurance providers – on the same platform, Certificial offers compelling actionable triggers for all stakeholders. With Certificial compliance alerts, requestors can be confident that no uninsured activity is overlooked, which is not possible with traditional methods of issuing certificates of insurance. Brokers also benefit from these alerts, as they have much more transparency into the requests their clients are receiving and are able to immediately quote coverage accordingly. The real-time nature of the platform accelerates the ability to finalize contracts and commence work.

A Certificial API has been developed to integrate directly with brokers’ APIs, making integration with the product easy to set up and seamless to use. In addition to working directly with larger brokerages, Certificial is integrating directly with AMS providers to ensure accessibility even for smaller agents and brokers. Regardless of how they connect to the system, there is no associated cost to insurers.

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