On-demand insurance model delivering new value to the gig economy and insurers
Slice Labs Inc., the first company in the U.S. to offer cloud-based on-demand insurance, announced today that it won a 2018 Celent Model Insurer Award for the launch of Slice on-demand insurance.
“Consumers expect the same level of convenience and flexibility from their insurer as they receive from their favorite online shopping provider,” said Mike Fitzgerald, senior insurance analyst, Celent. “Through the expansion of the gig economy these consumers are now entrepreneurs offering on-demand homeshare and rideshare services. The Slice proposition demonstrates an understanding of the gig economy and 21st century customer experience considerations in order to effectively serve a growing market segment that encompasses tens of millions of Americans.”
Following the success of the on-demand insurance product geared directly towards gig entrepreneurs, Slice has recently enabled insurers with legacy technology infrastructure to offer on-demand insurance to existing customers by leveraging the Slice Insurance Cloud Services (ICS) platform. To date a major carrier in the U.S. and Legal & General Insurance in the United Kingdom are using ICS.
“We are delighted that Slice has won this prestigious award. The on-demand market is growing and Slice and their ground breaking technology are fundamentally changing the way people buy insurance,” Cheryl Agius CEO L&G GI. “We strive to be a truly customer led business and our strategy is to focus on the success of our customers, our people, our partners and wider community. Our new partnership with Slice using their Insurance Cloud Services platform will enable us to deliver a truly unique digital proposition combining speed and convenience and which allows customers to purchase insurance quickly and easily when they need it.”
“We have witnessed rapid user adoption since launching Slice as we saw an opportunity to help an unprotected section of the insurance market due to inefficiencies in coverage and pricing,” said Tim Attia, CEO, Slice Labs Inc. “As a young startup, we are particularly proud of this award as we have witnessed many of the great insurers in the world win this award over the years.”
Slice Labs positions the gig economy for opportunity, prosperity, and sustainability with the first on-demand insurance product launched in the United States. Slice Insurance Cloud Services (ICS) enables large insurers to deliver new value to loyal consumers through direct insurance or insurance agent models without the need to invest in the infrastructure to deliver customized on-demand insurance products. Slice on-demand insurance and ICS solutions are supported by advanced big data and machine learning technologies along with Ph.D. behavioral science expertise, and over 100 years of combined insurtech experience on the Slice leadership team. Slice also operates in Canada, and the U.K. To stay up to date with Slice, visit http://www.slice.is and follow @SliceLabs on Twitter.