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The Co-operators Group (Guelph, Ontario) a Canadian insurance and financial services co-operative with more than $41 billion in assets under administration, has signed an exclusive agreement to use Slice Labs Inc.’s (New York) Slice Insurance Cloud Services (ICS) platform to launch The Co-operators new digital insurance brand in Canada.
Through the agreement, Co-operators will be the sole Canadian user of the ICS platform. The company says it will use the platform to meet growing customer needs for easy, on-demand insurance solutions that satisfy emerging digital economies. Co-operators says that later this summer it will launch on-demand insurance under the brand name duuo by Co-operators. The first product will provide pay-per-use homeshare insurance underwritten by Co-operators General Insurance Company, for hosts using home sharing platforms such as Airbnb, HomeAway and VRBO.
“We were founded in 1945 by a small group of farmers and social pioneers who found that their needs were not met by traditional insurance offerings, so they found a new way of protecting their financial security in a time of need,” comments Rob Wesseling, President and CEO of The Co-operators Group Limited. “Our new business partnership with Slice is the 21st century version of this mindset, it will allow us to meet the underserved insurance needs of Canadians participating in a highly innovative digital economy. Our shared vision of ensuring that everyone can be protected with the most intelligent and customized insurance possible makes this partnership very exciting.”
The Co-operators selected Slice because of its ability to develop customized digital insurance products with exceptional customer experiences, according to a joint statement from the companies. The agreement aims to provide The Co-operators with an agile, flexible platform using artificial intelligence and analytics capabilities to create non-traditional on-demand insurance products for customers.
Developed by Canadians
“Consumer expectations continue to evolve in Canada alongside rapid technology advancement,” comments Tim Attia, CEO, Slice Labs Inc. “Our business partnership has the potential to continue to foster change in Canadian lives on the scale of what The Co-operators first achieved over 70 years ago, but at a faster rate due to Slice’s technology, which is also proudly developed by Canadians in Ottawa.”
Slice currently distributes an on-demand homeshare insurance product underwritten by Munich Re in the U.S. In the U.K., Legal & General offers a homeshare product through its relationship with Slice.