Slice Labs Inc, an insurtech startup set to launch the industry’s first on-demand insurance platform to support the on-demand economy, has secured USDUSD3.9 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 realise 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."
