Slice set to launch American insurance industry’s first on-demand insurance product for the 45 million participants in the U.S. on-demand economy
Toronto, ON (Mar. 23, 2016) – Slice Labs Inc., an insurtech startup set to launch the industry’s first on-demand insurance platform to support the on-demand economy, announced today that it has secured USD$3.9 million in seed funding led by Horizons Ventures and XL Innovate.
Slice is reimagining insurance for the new economy using design, technology, and data. The Slice on-demand insurance platform allows participants to easily purchase insurance when they need it, with a tap. Slice’s first product launched on the platform will be a proprietary pay-per-use policy for Uber and Lyft drivers that covers the driver from the time they turn on the rideshare app until they turn it off. Slice is the only company to offer on-demand economy participants this simple, cost-effective, and transparent protection.
The Slice founders are technology veterans and have provided innovative solutions to many of the largest insurance companies in the world–including AIG, ACE, AXA, Progressive, and Zurich/Farmers. Slice has assembled a unique combination of insurance experts, technologists, data scientists, and designers to reimagine insurance for the new economy.
“Insurance today is anything but transparent and it is hard to get the coverage you need when you need it,” says Tim Attia, CEO and co-founder of Slice. “The on-demand platforms have changed the game. Insurance must be truly frictionless and as seamless as transactions on these platforms.”
Within the on-demand economy, getting appropriate coverage can be costly, time-consuming, and most frequently, not possible; as traditional products fail to meet the needs of the on-demand economy and the hybrid personal and commercial nature of the risk. As a result, participants are taking on significant personal risk that, in most cases, they don’t even realize exists. Slice is addressing this by being the only provider of on-demand insurance for the participants. In fact, a recent survey by the RideShare Guy shows that over 80% of rideshare drivers are looking for appropriate commercial insurance coverage.
“We believe there’s significant market opportunity for a company like Slice to create new products for the on-demand economy,” says Frances Kang from Horizons Ventures. “Its algorithmic approach and data-driven pricing model are truly innovative in the insurtech world. We are excited to see Slice bringing more peace-of-mind and continuing improvement of the customer experience for the on-demand economy.”
“We are very impressed by both the insurance and technical knowledge of the Slice founders whom we have tracked since the company’s inception,” says Tom Hutton, Managing Partner at XL Innovate. “Slice is addressing this need with a unique solution that incorporates both software technology and insurance. This is truly an insurance technology solution.”
Slice is headquartered in New York City and is currently licensed to conduct business in California, Connecticut, Indiana, Illinois, Pennsylvania, Texas, and Washington.
About Slice Labs
Slice Labs Inc. is a startup insurtech company that provides an on-demand, pay-per-use insurance platform for the on-demand economy that is cost-effective, easy to acquire with a tap, and provides superior coverage. Slice’s goal is to reimagine insurance through design, data, and technology. To stay up to date, visit www.slice.is.
About Horizons Ventures
The private investment arm of Mr. Li Ka-Shing, is a leading investor in some of the world’s most innovative companies and disruptive technologies including Facebook, Waze, Spotify, Siri, DeepMind, Friendsurance, and Blockstream. To learn more, visit www.horizonsventures.com.
About XL Innovate
XL Innovate is a venture capital fund focused on investing in companies that address the world’s most complex risks with new technologies and products for the insurance industry. XL Innovate provides companies with equity capital, unparalleled experience in building new ventures in this specific space, and access to XL Catlin’s global insurance expertise and underwriting. To learn more, visit www.xlinnovate.com.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlcatlin.com.