(Image source: The Co-operators homepage.)
The Co-operators, a Guelph, Ontario-based insurance cooperative with more than C$48 billion in assets under administration, has launched a digital insurance product duuo by Co-operators, an on-demand, pay-per-use homeshare insurance product, using Slice Labs Inc.’s (New York) Slice Insurance Cloud Services (ICS) platform.
The Co-operators announced its relationship with Slice in July 2018, as well as stating its intention to create a new digital insurance business unit. In less than two months of its announcements, the insurer has launched its first digital insurance product for hosts using homesharing platforms such as Airbnb, HomeAway and VRBO. Co-operators reports that the new product costs an average of C$8 per night and provides coverage for the full replacement cost of a home and its contents, plus an additional 15 coverages specific to homesharing including infestation, liquor liability, vandalism, loss of income, and other risks.
“I cannot think of a time in the Canadian insurance industry where an entirely new product has been built within two months of announcing intention to create a product from scratch,” comments Rob Wesseling, President and CEO of The Co-operators Group Limited. “This is the power of Slice ICS, as even a year ago this type of innovation was not in our roadmap. We now have greater flexibility and agility to provide insurance solutions that will continue to meet our clients’ needs in a fast-evolving landscape, augmenting our commitment to provide financial security and peace of mind for Canadians.”
Differentiated from Other Canadian Homeshare Products
The Co-operators notes that its new insurance product is different from other Canadian homeshare insurance products because it does not follow the traditional application and underwriting process for homeowner policies. Using the Slice ICS platform, The Co-operators is able to provide a simple and fast application process, AI-powered claims processing, and comprehensive cybersecurity protection of homeshare host and insurer information.
“We congratulate The Co-Operators on the launch and look forward to seeing what other new digital insurance products they develop in the future,” comments Tim Attia, CEO, Slice Labs. “This is further validation of how easy and fast it is to for insurers in any country to create new on-demand insurance products in the cloud.”