(Lyft drivers are among the customers for Slice Lab insurance products. Photo credit: Praiselightmedia.)
Slice Labs Inc. (New York), an insurtech startup that has created a platform to sell on-demand insurance products to participants in the sharing economy, is partnering with Munich Re (Munich) to launch products into the global market. Slice is working with Digital Partners, Munich Re’s global venture firm.
The two companies have agreed to an ongoing rollout program of products and territories with Slice supplying the technology platform to deliver the new on-demand products directly to the customer, according to a Slice souce. Slice’s products are aimed at participants in the sharing economy who tend to be private individuals who operate as commercial entities for a defined period. Slice will also handle service and processing of claims. The Slice platform will include automated underwriting rules agreed upon by Munich Re. The two companies are currently working together to implement Slice’s first product in the United States.
“We are thrilled and honored to have partnered with Munich Re; not only is Munich Re’s A+ rating impressive, its progressive, digital strategy in the insurtech space is extremely appealing, and fits well with our goals and vision,” comments Tim Attia, CEO, Slice. “As we launch and expand we will rely on Munich Re’s global expertise to support our expansion.”
Reimagining Insurance for the On-Demand Economy
Andrew Rear, Chief Executive of Digital Partners, Munich Re, describes his company Digital Partners as a new Munich Re global venture designed to partner with disruptors who are changing the way insurance is experienced by customers. “We are looking forward to helping Slice reimagine and redesign insurance to support the on-demand economy,” he comments.