Coverage for hosts using platforms including Airbnb and HomeAway is first on-demand insurance product of its kind in the US – homeshare hosts across 13 states now have access to fair, affordable protection
New York, NY (May 31, 2017) – Slice Labs Inc., an insurtech startup, has launched their first on-demand insurance product to support the on-demand economy. The company has rolled out their on-demand homeshare insurance product to hosts using homeshare platforms such as Airbnb, HomeAway, OneFineStay and FlipKey.
Funded earlier this year, Slice built technology to support the purchase of insurance policies that last for the period of time one is acting as a business, whether it’s minutes, hours or days. Buying insurance in this manner allows the ultimate freedom for those working in the on-demand economy to choose how, when and where to work, while transferring the burden of risk conveniently and affordably. A person pays for the insurance as they earn their income choosing to purchase only when and how they need it.
“Many people working in the on-demand economy do not realize their risk and the fact that they’re simply not covered through conventional means,” said Ernest Hursh, Slice co-founder and Head of Sales and Marketing. “It is our mission to mitigate that risk and to provide the appropriate trust, safety and protection for these folks,” Ernest added.
The first product applies to homeshare hosts renting their homes on various homeshare platforms. Removing friction typically associated with buying a homeowners policy, coverage is added automatically or with a tap on the Slice mobile application. The Slice insurance policy covers the time period the host is renting their home – a day, three days, whatever the timeframe may be.
“As a digital insurer it was important for us to have full underwriting and claims authority so that we could completely re-imagine the homeowner insurance experience,” said Tim Attia, CEO of Slice. “We redesigned the claims experience to one that we would want for ourselves – easy, transparent, intuitive and frictionless,” Tim added.
The Slice Homeshare Product:
- On-demand customized commercial insurance policy purchased via app or online;
- Primary insurance – no requirement to report claims to another insurer;
- Commercial liability coverage limit of $2,000,000;
- Full replacement cost coverage for the home, other structures and contents;
- No limit to the number of covered properties;
- Manage coverage, claims and notifications in app.
Slice currently offers coverage in these 13 states:
- New Jersey,
- New York,
- Texas, and
Slice’s on-demand homeshare product has been released as a private beta to select homeshare hosts in Des Moines and Iowa City. While the Slice app is an invite-only affair for now, the company will continue rolling out the homeshare product across the United States. Stay tuned for the Slice rideshare insurance product. (sign up for notifications at www.slice.is/homeshare/.)
Slice is backed by Horizons Ventures, XL Innovate, and Munich Re, and is headquartered in New York City. Slice is currently licensed to sell insurance in 49 states.
About Slice Labs
Slice Labs Inc. is an insurtech startup providing on-demand, pay-per-use insurance for the on-demand economy that is cost-effective, easy to acquire with a tap, and provides superior coverage. Slice is reimagining insurance through design, data, and technology. To stay up to date with Slice, visit www.slice.is.