(Image source: Slice Labs Inc.)
Slice Labs Inc. (New York), provider of an on-demand insurance cloud platform, has announced today the availability of Insurance Cloud Services (ICS) in the U.K. and Continental Europe, and named its first customer in the region. The first customer to use ICS in the UK is Legal & General (London) has adopted Slice ICS for the launch of an on-demand, pay-per-use homeshare policy.
News of the new customer in the U.K. follows Slice’s to stated intention of extending global availability of ICS following a $20M USD Extended Series A funding round. U.K. and E.U. insurers are now able to subscribe to ICS and launch on-demand insurance products customized to locale, language, and demographics, according to a Slice statement.
“UK consumers are accustomed to some of the world’s most trusted brands based here that are constantly transforming products and services to enhance customer relationships, and this cloud-based insurance product is our contribution to that effort,” comments Cheryl Agius, CEO, Insurance division, Legal & General. “Slice has proven themselves internationally as a trusted partner of insurance carriers that are genuinely interested in serving the emerging needs of the growing on-demand economy.”
Digital transformation naturally leads to internationalization, according to Robin Kiera, CEO of DigitalScouting, a commentator on the InsurTech movement. “Not only of insurers but also of successful InsurTech start-ups expanding across the Atlantic,” he comments. “In Europe we are seeing increased use cases of collaboration and co-creation between insurtech start-ups and incumbents. We see Slice as an enabler expanding in new markets.”
Homeshare and Cyber Insurance Products
Slice reports that since the launch of the ICS platform in January 2018, four global insurance carriers have partnered with Slice to experiment with, test and deploy their own on-demand insurance products, both in the homeshare and cyber insurance market.
“After successfully proving the value for insurers to create digital insurance models in North America, we are excited at what ICS can deliver for U.K. and E.U. carriers,” comments Tim Attia, CEO of Slice Labs. “The customer appetite for on-demand, pay-as-you-go service models transcends borders due to the continual advancement of big data and AI technologies. We are bringing the power of these technologies to European insurers in order to deliver more sustainable value to the insured in any demographic and market.”