Slice Labs, a provider of on-demand insurance platform in the US, announced a Series A investment of $11.6m led by XL Innovate, with participation from Horizons Ventures, Munich Re / HSB Ventures, SOMPO, Plug and Play, and Tusk Ventures.
The financing will be used to scale Slice’s on-demand offering for new products and jurisdictions, and to accelerate the deployment of its On-Demand Digital Insurance Platform via marquee partnerships.
Since launching in 2016, Slice has fundamentally reimagined insurance from the ground up. The company has built a cloud-based insurance solution that leverages algorithms and data to dramatically lower the cost of issuing policies, increase automation around claims, and reduce claims fraud and loss.
The company has found great success with this new, technology-heavy approach by directly insuring assets within the on-demand economy, such as homes and autos for homesharing and ridesharing.
Now, Slice is looking to scale further by offering its On-Demand Digital Insurance Platform directly to large carriers globally. The Slice platform is a fully operating insurance entity that includes pricing, ratings, licensing, underwriting, servicing, and capacity. Insurers can easily integrate the Slice platform to quickly deploy insurance products for the new economy that perform vastly better, offer deeper customer engagement, and present a wider array of options for consumers. With Slice, leading carriers can leapfrog competitors and offer a best-in-class, turnkey digital experience to address the newest class of assets and opportunities.
“We are proud to stand behind Slice and lead their latest fundraising round. Slice is truly one of the most exciting companies in insurance technology that we’ve seen to date. We believe the on-demand platform and technology offered by Slice has immense potential to completely disrupt how insurance is bought and sold, not just within the sharing economy, but globally and across the board,” commented Tom Hutton, Managing Partner of XL Innovate.
“We couldn’t be more eager to accelerate our go-to-market strategy with the support of such a strong group of investors bringing their strategic and financial expertise to the table,” said Tim Attia, CEO of Slice. “This is critical as we move to the next phase in the development of the company, which will be to scale and show traction both in the direct market and through strategic partnerships.”
Since officially launching their first product offering to homeshare hosts (on platforms such as Airbnb and Homeaway) in October 2016, Slice has experienced double-digit monthly revenue growth and is now providing homeshare coverage in 26 states across the U.S., reaching over 70% of the U.S. population, and 82% of the homeshare market.
The company plans to have their homeshare product in all 50 states by the end of 2017. Slice’s rideshare product is in testing mode and will be launched soon. Furthermore, Slice has continued to enhance its products and technology in preparation of significant volume from partners.