(St. Steven’s Tower, Westminster. Source: Legal & General YouTube channel.)
Legal & General (London), one of the UK’s largest financial services companies, with total assets of £951.1 billion (2017), has announced a new relationship with Slice Labs Inc (New York) to use the company’s Insurance Cloud Services (ICS) platform to roll out on-demand homeshare insurance and other products to its customers.
A joint statement from Legal & General and Slice notes an increased public interest in on-demand insurance, which offers customers flexibility of cover that is easy and convenient to buy and paying only for what they need when they need it. The two companies say they are collaborating on the development of web and mobile applications, as well as using big data, AI, and machine learning to develop the homeshare product.
“Our new partnership with Slice will allow us to use the latest technology that is fundamentally changing the way people buy insurance,” comments Cheryl Agius, CEO of Legal & General’s Insurance division. “Customers who share their homes such as through Airbnb want to buy insurance quickly and easily and when they need it. This insurance proposition is part of our strategy to continue to transform insurance with data and technology led solutions that enhance customers’ experience.”
Gateway to Development of Other On-Demand Products
“We’re honoured to be working with one of the UK’s largest insurance groups, as they leverage our ICS platform,” comments Tim Attia, CEO, Slice Labs. “The UK homeshare market is in desperate need of on-demand insurance so we’re proud to work with L&G to bring it to fruition. We view this initial project as a gateway to the development of other on-demand and more traditional insurance products.”