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.
PRODUCTS & SERVICES:
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 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.
Ernest Hursh, Stuart Baserman, Tim Attia
Board Members and Advisors:
Frances Kang, Todd Finch
NUMBER OF EMPLOYEES:
XL Innovate, Horizons Ventures, Munich Re / HSB Ventures, SOMPO, Plug and Play, Tusk Ventures
VALUATION / MARKET CAP:
$26 MM 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.
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company is planning to use the fund to scale Slice’s on-demand offering for new products and jurisdictions, and to accelerate the deployment of its On-Demand Digital Insurance Platform via marquee partnerships(October 2017).