Slice, a startup empowering insurers to deliver new value to customers through direct insurance or insurance agent models without investing in infrastructure – to provide customized on-demand, pay-as-you-go insurance products, has extended the availability of its cloud services platform from the US and Canada to the UK and EU. The company’s geographic expansion follows a $20 million Extended Series A funding.
Insurance products available through the Slice ICS platform would offer customers a “rich, engaging, fully digital experience that is quick, and flexible.” UK and EU insurers are now able to subscribe to the Slice Insurance Cloud Services platform (ICS) and launch on-demand insurance products customized to locale, language, and demographics.
Since the launch of the ICS platform in January 2018, four global insurance carriers have partnered with Slice to experiment with, test and deploy their own on-demand insurance products, both in the homeshare and cyber insurance market.
Legal & General
The first customer to use ICS in the UK is Legal & General with the launch of on-demand, pay-per-use homeshare cover. “Legal & General is delighted to be working with Slice on the new on-demand product, a growing business in the US and now in the UK market,” said Cheryl Agius, CEO of Legal & General’s Insurance division.
The ICS cloud services platform is powered by machine learning and advanced big data technologies along with Ph.D. behavioral science expertise.
“After successfully proving the value for insurers to create digital insurance models in North America, we are excited at what ICS can deliver for UK and EU carriers,” said Tim Attia, CEO of Slice Labs. “The customer appetite for on-demand, pay-as-you-go service models transcends borders due to the continual advancement of big data and AI technologies. We are bringing the power of these technologies to European insurers in order to deliver more sustainable value to the insured in any demographic and market.”
