Slice Labs Raises $3.9M Seed Funding for On-demand Solution
Staff Writer | March 29, 2016
Slice Labs Inc., an insurtech startup set to launch an on-demand insurance platform to support the on-demand economy, announces it has secured $3.9 million in seed funding led by Horizons Ventures and XL Innovate.
Slice Labs, first on-demand insurance product for the US on-demand economy, has raised a $3.9m seed round.
Slice is looking to reimagine insurance for the new economy using design, technology, and data. The Slice insurance platform allows participants to easily purchase insurance when they need it. Slice’s first product launched on the platform will be a proprietary pay-per-use policy for Uber and Lyft drivers that covers the driver from the time they turn on the rideshare app until they turn it off.
The Slice founders are technology veterans and have provided innovative solutions to many of the largest insurance companies in the world, including AIG, ACE, AXA, Progressive, and Zurich/Farmers. Slice has assembled a combination of insurance experts, technologists, data scientists, and designers to reimagine insurance for the new economy.
“Insurance today is anything but transparent and it is hard to get the coverage you need when you need it,” says Tim Attia, CEO and co-founder of Slice. “The on-demand platforms have changed the game. Insurance must be truly frictionless and as seamless as transactions on these platforms.”
Within the on-demand economy, getting appropriate coverage can be costly, time-consuming, and most frequently, not possible; as traditional products fail to meet the needs of the on-demand economy and the hybrid personal and commercial nature of the risk. As a result, participants are taking on significant personal risk that, in most cases, they don’t even realize exists.
Slice is addressing this by providing on-demand insurance for the participants. In fact, a recent survey by the RideShare Guy shows that over 80 percent of rideshare drivers are looking for appropriate commercial insurance coverage.
"We believe there's significant market opportunity for a company like Slice to create new products for the on-demand economy," says Frances Kang from Horizons Ventures. "Its algorithmic approach and data-driven pricing model are truly innovative in the insurtech world. We are excited to see Slice bringing more peace-of-mind and continuing improvement of the customer experience for the on-demand economy."
“We are very impressed by both the insurance and technical knowledge of the Slice founders whom we have tracked since the company’s inception,” says Tom Hutton, managing partner at XL Innovate. “Slice is addressing this need with a solution that incorporates both software technology and insurance. This is truly an insurance technology solution.”
Slice is headquartered in New York City and is currently licensed to conduct business in California, Connecticut, Iowa, Illinois, Pennsylvania, Texas, and Washington.
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Visioning, Setting Scope, and Execution Planning Critical for Successful Digital Strategies, Says Novarica
- ITS Implements QA Best Practices for Rockford Mutual
- FireLight® by Insurance Technologies Features New Advanced User Experience Capabilities and Wizard Designer
- InsurTech Startup Betterview Launches New AI Driven Roof Report to Immediately Identify Roof Condition & Characteristics
- Larger Insurers Extending their Analytics Leads and Piloting Artificial Intelligence, says 3rd Annual Novarica New Normal 100 Benchmark
- 360Globalnet Augments Services and Implementation Capabilities
- TechCanary Incorporates in Canada as TechCanary Insurance Software of Canada ULC
- XL Catlin to Build World’s First On-Demand Cyber Insurance Solution with Slice ICS
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
It has become a common refrain over the past few years to view the practice of enterprise architecture (EA) as something that time has passed by, much... READ MORE
One important trend in society over the past decade is our increasing ability to create and consume a seemingly unlimited amount of digital content... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Fraud detection has always been and will continue to be a critical component of claims management. Learning the lessons from current claims Straight... READ MORE
- Vendor Views