State Farm Ventures invests in Proof to bolster its fraud detection capabilities

By Isha Marathe

Feb 27 - (The Insurer) - State Farm Ventures, the corporate venture arm of State Farm, has made a strategic investment in identity authentication provider Proof.

The investment will accelerate Proof’s efforts to enhance efficiency and improve the customer experience in the traditionally paper-heavy insurance sector.

“State Farm Ventures is committed to investing in innovative technologies that make digital transactions safer for our customers,” said Mike Remmes, vice president at State Farm Ventures.

“Proof’s advanced identity verification platform aligns with our mission to support the kind of innovation we want to bring to the insurance industry – one that improves both security and customer experience.”

Proof's offerings include identification tools, verification tools, a notarisation service, e-signature solutions and a fraud detection system.

“This strategic investment affirms Proof’s role in transforming how identities are verified in the digital world,” said Pat Kinsel, CEO of Proof.

“Just as digital payments revolutionised financial transactions, we are setting a new standard for identity verification. Our platform empowers businesses and individuals to establish trust remotely and securely, eliminating the need for in-person meetings or paper documentation. This is key to creating a more efficient, secure, and accessible digital economy.”