Slice Labs has secured an additional $20m in Series A funding, led by The Co-operators with participation from XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Veronorte and JetBlue Technology Ventures.
This sizable, extended round will be used to execute on the higher than planned global demand for Slice Insurance Cloud Services (ICS).
Slice launched in 2016 with a mission to change, improve and redesign insurance. The company’s Insurance Cloud Services (ICS) is transforming traditional insurers into digitally-driven carriers by providing them with a platform that enables them to quickly ideate, experiment, test and deploy new, on-demand insurance products.
Top global insurers have launched on-demand insurance products using ICS, and Slice will use this new financing to continue expanding its offering on a global scale.
Slice CEO Tim Attia said: “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.
“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.”
The ICS platform is a high-value service enabling insurers to launch new, on-demand, digital insurance products within weeks. Powered by 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, ICS represents the next step in advancing insurance technology.
The Co-operators president and CEO Rob Wesseling said: “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.
“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.”
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.
Additionally, to support its strong momentum, Slice recently announced the hire of its Chief Growth Officer, Philippe Lafreniere, a seasoned insurance executive, in August who will play an integral role in helping global insurers realize the value on-demand digital insurance models can have on customer experiences.
Source: Company Press Release