Proof Secures State Farm Ventures Investment for ID Verification
Proof, the leading identity authorization network, has secured a strategic investment from State Farm Ventures, the corporate venture arm of State Farm®, the largest provider of auto and home insurance in the United States. This investment will drive Proof’s mission to combat identity fraud, streamline digital interactions, and enhance the customer experience in the traditionally paperwork-intensive insurance sector.
Accelerating Innovation in Identity Verification
State Farm Ventures’ investment in Proof underscores the growing importance of digital identity security in the insurance industry, where fraud prevention and seamless digital interactions are essential. Proof has already surpassed $150 billion in authorized transactions in 2024, highlighting its rapid adoption across multiple industries. Despite real estate sales hitting their lowest levels since 1995, Proof saw a 44% growth in the real estate sector, demonstrating the increasing demand for secure identity verification solutions even in challenging economic conditions.
“State Farm Ventures is committed to investing in innovative technologies that make digital transactions safer for our customers,” said Mike Remmes, Vice President of State Farm Ventures. “Proof’s advanced identity verification platform aligns with our mission to support innovation in the insurance industry—enhancing both security and customer experience.”
A Trusted Network for Secure Digital Transactions
Proof’s identity authorization network is trusted by 16 of the Fortune 100 and continues to set new standards for digital security. The network provides a groundbreaking approach to linking verified real-world identities to any digital interaction, offering a scalable infrastructure that prevents fraud and enhances trust across all customer and employee engagements.
By leveraging Proof’s technology, businesses can automate critical processes, reducing transaction times by up to 21 days and saving an estimated $45 per transaction. This efficiency allows consumers to complete essential transactions instantly, securely, and on their own terms, without the need for in-person interactions or paper documentation.
The Proof Platform: A Comprehensive Solution for Identity Authorization
Proof’s network is powered by a suite of products designed to ensure high-assurance digital transactions:
- Identify: A no-code tool that seamlessly integrates into workflows to confirm identities and prevent fraud.
- Verify: A live, face-to-face video call with biometric checks that offers real-time fraud protection for high-security transactions.
- Notarize: A secure, legally compliant digital notarization service.
- Sign: An eSignature solution that ensures verified and secure document signing, reducing the risk of forgery.
- Defend: A fraud detection system designed to combat forgery and deepfakes across multiple transaction types.
Transforming Digital Identity Verification
“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 revolutionized 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-based processes. This is key to creating a more efficient, secure, and accessible digital economy.”
A Growing Need for Identity Security in Insurance
The insurance industry faces increasing threats from identity fraud, with scammers constantly seeking new ways to exploit digital transactions. As more insurers transition to digital-first models, the need for robust identity verification solutions has never been greater. Proof’s technology helps insurance companies streamline claims processing, prevent fraud, and improve customer onboarding, ensuring a seamless and secure experience for policyholders.
State Farm Ventures’ investment in Proof reflects a broader industry shift toward digital transformation and fraud prevention. By integrating Proof’s solutions, insurers can enhance security, improve operational efficiency, and provide customers with a frictionless experience when managing policies, filing claims, or signing agreements.
About Proof
Proof is the trusted platform for securing the digital economy. As commerce shifts online, Proof enables companies to verify who is behind every digital interaction. From pioneering remote online notarization to launching a comprehensive identity authorization network, Proof secures transactions with industry-leading compliance and fraud prevention. Trusted by over 7,000 organizations across financial services, government, real estate, and healthcare, Proof is redefining trust in digital transactions.
