What is GAPro?
GAPro aims to bring one of the blockchain solutions to Insurance Carriers, Lenders, Policy Holders, Agencies, Brokerages, MGA’s (Managing General Agents), and other related parties who require Verification as a Service (VaaS). Verification-as-a-Service is a specific and natural extension of Blockchain-as-a-Service (BaaS). GAPro has deployed the Blockchain platform and built an interactive ecosystem throughout the insurance, real estate, and lending industries as well as others who currently overpay for inefficient verification services. GAPro will impact Insurance, Lending, HealthCare, and policy holder/borrower experience in three important ways:
- Industry Compliance
Think about it, every time an insurance policy or business relationships changes anywhere in world, evidence of insurance and compliance verification is required. Today’s convoluted and wildly expensive certificate of insurance is a vortex of agent/broker manual effort, paper, email, faxes and procedures where data is both late and locked in certificate forms (paper or PDF.) This is where GAPro comes in.
We securely connect carriers and policy data with their broker/agents distribution channel partners, insureds and their third parties that need compliance confirmation. Think about the potential impact;
- $3.1 trillion of commercial and multifamily mortgages
- $91 billion total homeowners premiums
- 6 million commercial buildings with 87.4 billion square feet
- 2 million companies with 28.8 million commercial trucks and 3 million drivers
- 6 million independent contractors
- $2.6 billion in uninsured motorist claims
- $1.2 trillion in auto loans
Paul Carol, CEO and Editor-in-Chief at Insurance Thought Leadership wrote, “At its core, insurance is as digital as any industry there is, so it strikes me as odd that we turn the data into paper and PDFs and handle them manually. Why can’t we leave the data in its native state and just make it available whenever and wherever the bits and bytes are needed? That question is why I’m a fan of GAPro, a startup that is trying to rewire the industry to stop these unnatural acts that we perform on data and to make the industry much more efficient.”