Slice Labs provides Insurance Cloud Services (ICS), a subscription, API-based platform powered by machine learning, advanced data analytics and Ph.D.-level behavioral science that enables insurers to quickly ideate, experiment, test and deploy on-demand digital insurance products. ICS includes API-based pricing, rating, licensing, claims processing and automated underwriting, and the platform has been used to launch products across the U.S. and seen significant global demand. Slice launched in 2016, introduced ICS to market in January 2018, and rolled its digital on-demand platform out to all 50 states last year. Top insurers including XL Catlin, Legal & General and The Co-operators have launched or are developing on-demand offerings on ICS. The company recently hired Chief Growth Officer Philippe Lafreniere in August to support global expansion and insurer adoption. Slice will use new financing to continue expanding its ICS offering on a global scale to meet higher-than-planned demand. Slice Labs built an On-Demand Digital Insurance Platform that enables pay-per-use insurance for homesharing and ridesharing, and offers a turnkey solution for carriers including pricing, underwriting, servicing, and capacity. The company leverages cloud infrastructure, algorithms, and data to lower issuance costs, increase claims automation, and reduce fraud and loss. Since launching in 2016, Slice has focused on direct insurance of sharing-economy assets and on selling its platform to large carriers globally. Slice launched its first homeshare product in October 2016 and has seen double-digit monthly revenue growth while expanding homeshare coverage to 26 states, reaching over 70% of the U.S. population and 82% of the homeshare market. The company plans to have homeshare coverage in all 50 states by the end of 2017, and its rideshare product is in testing and slated for launch soon. The platform is intended to let insurers quickly deploy products for new-economy assets with deeper customer engagement and a turnkey digital experience. Slice Labs builds an on-demand, pay-per-use insurance platform aimed at workers in the sharing and on-demand economy. The company is preparing to launch what it describes as the world’s first on-demand insurance platform, with an initial product rollout planned in the U.S. Slice positions its product as cost-effective, easy to acquire via a tap, and tailored to emerging risks faced by on-demand workers. Since incorporation in October 2015, Slice secured seed funding from Horizons Ventures and XL Innovate and has now received additional funding and a strategic partnership with Munich Re / HSB Ventures. Munich Re’s Digital Partners group is also working with Slice to provide backing for its on-demand insurance products globally to support faster expansion. The article does not disclose revenue, user metrics, deal size, or specific financial instruments. Slice Labs offers insurance products for on-demand workers and providers, starting with rideshare drivers and then homeshare hosts. Its products are transactional so workers pay only for coverage during the time they are working. Slice handles pricing, issuance, billing and claims management but does not hold underwriting risk, writing policies on another insurer's paper. CEO Tim Attia says the company is addressing insurance and liability gaps in the on-demand economy. Slice plans to launch its first products in June and is deciding where to offer coverage first. The company is based in New York City and hopes to integrate insurance offerings with on-demand services' sign-up processes.

Total raised

$36M

Funding rounds

4

Latest round

Series A

Latest activity

Sep 2018