(Image source: Slice website.)
Slice Labs Inc. (New York), an InsurTech startup that has created an on-demand insurance platform in the United States, has delivered on its claim that it would use a $11.6 million in funding announced in Oct. 2017 to scale its platform accelerate deployment through new partnerships. The company has announced the availability of Insurance Cloud Services (ICS), which it characterizes as a cloud hosted, end-to-end, digital-first platform designed and built to drive experimentation and deployment.
Slice says ICS represents the next step in the company’s evolution by providing the means for carriers to make the leap to being digital insurers at a radically lower expense. “Any insurer that wants to become digital, while providing the next level in customer engagement and on-demand products, can quickly and easily deploy fully digital insurance products with minimum risk and expense,” a vendor statement says.
Slice describes ICS as supporting rapid introduction, evaluation, and adoption of new products, technologies, and business models. It enables insurers to achieve:
- Faster time to market;
- Quicker and lower cost to deploy new products
- A platform on which to experiment
- On-demand monthly subscription flexibility and scalability (scale in a cost-effective manner)
- Dramatic reductions in operating expenses
Slice reports that the Insurance Cloud Services platform is fully embeddable via API and includes pricing, rating, licensing, real-time and automated underwriting, servicing, and capacity. The vendor asserts that insurers can easily integrate ICS to quickly deploy and test insurance products that perform vastly better, offer deeper customer engagement, and present a wider array of options for customers.
Slice’s new offering is a demonstration of “coopetition” and represents the continuing maturation of InsurTech, according to Mike Fitzgerald, a Senior Analyst with Celent (Boston). “Slice Labs is offering its on-demand insurance coverage to homeshare and rideshare consumers and offering its platform to insurers to build and distribute their own, similar products,” he comments. “This is the first time that an insurtech’s system has been made available. Lemonade opened up their platform through APIs last October, but it is not giving insurers access to their full transaction system.”
“Our vision was to build a digital insurer-as-a-service platform that performs significantly better in terms of speed and cost for both deployment, and, most importantly, the cost and expense of ongoing operations,” comments Tim Attia, CEO, Slice. “In the end, it’s all about customer experience, so we developed a platform that exponentially increases insurers speed to market, is infinitely scalable, and is signal based so insurers can synchronize their product offerings with their customers’ behaviors,” added Tim.
ICS is designed to deliver on multiple product lines, across insurance business functions, and is architected for flexibility, configurability, and usability, according to Slice. The new platform is currently fully operational in the US marketplace and is also fully localized (multi-currency and multi-lingual) for the UK. Slice is licensed in both standard (personal, commercial, and A&H) and surplus lines in all 50 states.