Slice Launches First Insurance Product
Staff Writer | October 05, 2016
Slice Labs, an insurtech startup, announces the launch of their first on-demand insurance product to support the on-demand economy. The company has rolled out their on-demand homeshare insurance product to hosts using homeshare platforms such as Airbnb, HomeAway, OneFineStay, and FlipKey.
Funded earlier this year, Slice built technology to support the purchase of insurance policies that last for the period of time one is acting as a business, whether it’s minutes, hours or days. Buying insurance in this manner allows freedom for those working in the on-demand economy to choose how, when, and where to work, while transferring the burden of risk conveniently and affordably. A person pays for the insurance as they earn their income choosing to purchase only when and how they need it.
“Many people working in the on-demand economy do not realize their risk and the fact that they’re simply not covered through conventional means,” says Ernest Hursh, Slice co-founder and head of sales and marketing. “It is our mission to mitigate that risk and to provide the appropriate trust, safety and protection for these folks.”
The first product applies to homeshare hosts renting their homes on various homeshare platforms. Removing friction typically associated with buying a homeowners policy, coverage is added automatically or with a tap on the Slice mobile application. The Slice insurance policy covers the time period the host is renting their home—a day, three days, whatever the timeframe may be.
“As a digital insurer it was important for us to have full underwriting and claims authority so that we could completely re-imagine the homeowner insurance experience,” says Tim Attia, CEO of Slice. “We redesigned the claims experience to one that we would want for ourselves—easy, transparent, intuitive, and frictionless.”
The Slice homeshare product offers:
●On-demand customized commercial insurance policy purchased via app or online
●Primary insurance – no requirement to report claims to another insurer
●Commercial liability coverage limit of $2,000,000
●Full replacement cost coverage for the home, other structures, and contents
●No limit to the number of covered properties
●Manage coverage, claims and notifications in app
Slice’s on-demand homeshare product has been released as a private beta in Iowa to select homeshare hosts in Des Moines and Iowa City. While the Slice app is an invite-only affair for now, the company will continue rolling out the homeshare product across the United States. The company will also enter the rideshare market.
Slice is backed by Horizons Ventures, XL Innovate, and Munich Re, and is headquartered in New York City. Slice is currently licensed to sell insurance in 49 states.
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