(Image credit: Arek Socha/quimono.)
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited (Pembroke, Bermuda), has formed an alliance with Slice Labs Inc. (New York), creator of an on-demand insurance platform, to distribute AXIS Home Based Business insurance to help protect small businesses.
AXIS seeks to provide insurance to the uncovered segment of home-based businesses, which now constitute more than half of all small businesses in the United States. Traditional homeowners’ insurance policies are not designed to cover commercial claims, leaving home-based business owners exposed. AXIS Home Based Business insurance is designed to fill this gap by covering common small-business risks like general liability, professional liability, property, cyber and crime.
“Our commitment is to distribute a product that provides home-based businesses with a customized policy unique to each customer,” comments Jill Bryant, Head of Small Specialty Commercial, AXIS. “Today’s customer expects the insurance buying process to be as streamlined as purchasing other online products, and Slice’s innovation provides customers with that experience. We are impressed with Slice’s omni-channel distribution capabilities and its customer-first design approach.”
A Slice statement notes that the alliance allows AXIS to build its own unique offering on the Slice Insurance Cloud Services platform and leverage digital distribution from Slice to offer an intelligent and on-demand digital insurance product. The goal is to distribute the product through an omni-channel distribution model that includes MGAs, retail agencies, platforms and other digital distribution channels, the statement says.
Digital Experience for a Simplified Customer Journey
“Now, more than ever, protecting small businesses with comprehensive insurance is crucial,” comments Tim Attia, CEO, Slice. “We’re pleased to work with AXIS on product development and distribution leveraging our Insurance Cloud Services platform. It’s a digital experience for a simplified customer journey with on-demand protection.”