(Image source: Slice Labs homepage.)
Slice Labs, creator of an on-demand insurance cloud platform, has raised an additional $20 million in Series A funding, led by The Co-operators (Guelph, Ontario) with participation from XL Innovate (Menlo Park, Calif.), Horizons Ventures (Hong Kong), Munich Re/HSB Ventures (Munich), SOMPO (Tokyo), Veronorte, the investment arm of Grupo Sura (Medellín, Colombia), and JetBlue Technology Ventures (San Francisco). The funds of the extended round will be used to execute on the higher than planned global demand for Slice Insurance Cloud Services (ICS), according to a Slice statement.
The Slice ICS platform is designed to enables insurance carriers to quickly ideate, experiment, test and deploy new, on-demand insurance products. For example, The Co-operators reported launching its on-demand homeshare product duuo within two months of announcing its intention to create the product. The insurer announced its engagement with Slice Labs in July 2018 and reported the launch of the duuo product by Sept. 19.
“As the digital economy expands, Slice’s unique platform and approach will enable innovative, agile and needs-based insurance solutions for a rapidly changing world,” comments Rob Wesseling, president and CEO of The Co-operators. “Through our partnership with Slice, we’re not only investing in a technology that enables us to stay on the leading edge of those solutions, we’re investing in our long-term ability to continue meeting the changing needs of our members and clients.”
The ICS platform uses machine learning, advanced data analytics and Ph.D. level behavioral science expertise in a subscription model and that includes API-based pricing, rating, licensing, claims process and automated underwriting, according to a Slice statement.
Scaling the Business
“The ICS platform is rapidly growing as insurers increasingly realize the need to engage a cloud-based platform and the competitive edge a fully digital on-demand insurance offering provides,” comments Tim Attia, CEO, Slice. “This exceptional bench of new and returning investors will be a tremendous asset as we continue scaling our business and experimenting with the unmatched potential of digital insurance.”
Slice first used the technology behind ICS to launch its first product in October 2016 and to rollout their digital on-demand platform to 50 States last year. The company introduced the ICS platform to the market in January 2018, and has seen significant demand globally, which includes the announcement of three new Slice ICS customers developing various on-demand insurance offerings, including XL Catlin, Legal & General and The Co-operators. To support its strong momentum, in August 2018 Slice announced the hire of its Chief Growth Officer, Philippe Lafreniere, a veteran insurance executive, who the firm says will play an integral role in helping global insurers realize the value on-demand digital insurance models can have on customer experiences.