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On-demand insurance for the on-demand world. #insurtech #ondemand #startup
Slice Labs is an online platform that provides pay-per-use insurance for the on-demand economy. Users can avail these on-demand insurance products from their smartphone, and are directly billed to the user’s credit card. It also offers a cloud hosted, end-to-end, digital-first platform that enable insurance companies to deploy insurance products for the new economy, thereby offering a deeper customer engagement.
Slice product offerings include: Home share: Offers insurance for homeshare hosts like on platforms like Airbnb and Homeaway) Rideshare: Enable users to insure their car and themselves and their profits against liability, uninsured motorist, personal injury protection (PIP), vehicle damage, loss of use and loss of income option . The Slice platform: Helps insurance carriers with various functions like pricing, ratings, licensing, underwriting, servicing, and capacity.
The company follows usage based revenue model. The cost of Slice’s policy is based on a combination of mileage and time or rate per mile.
On demand startups like Uber
The company aims to offer new kinds of insurance products designed for on-demand workers. These products will be available on a transactional basis so a ridesharing driver should be covered from the moment they start driving or get into the car, but they’re only paying for coverage during the time that they’re working.
$26 M in 2016
Slice is removing the friction from the sharing economy by using background data to price out commercial and personal insurance, sometimes by the minute.
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