Legal & General has formed technology partnership with Slice Labs to bring out a new on-demand homeshare insurance proposition for customers in the UK.
The last few years has seen an increase in the popularity of on-demand insurance which allows customers to use a mobile app to purchase insurance to protect their personal belongings, car, or home when ‘at risk’.
On-demand insurance offers customers flexibility of cover that is easy and convenient to buy and paying only for what they need when they need it.
The partnership with Slice Labs Inc is another step in Legal & General’s commitment to invest in new technology and intend to use Slice Labs Insurance Cloud Services (ICS) platform to roll out on-demand homeshare insurance and other products to their customers. Founded in October 2015 Slice Labs provides tailored insurance offerings for home sharing costs.
The two companies are, working together on the development of web and mobile applications, as well as using big data, AI, and machine learning to develop the homeshare product.
Legal & General Insurance division CEO Cheryl Agius said: “Our new partnership with Slice will allow us to use the latest technology that is fundamentally changing the way people buy insurance.
"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.”
Slice Labs CEO Tim Attia said: “We’re honoured to be working with one of the UK’s largest insurance groups, as they leverage our ICS platform.
"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”.