2018 was a year of change in the global insurance industry with many companies taking different perspectives at disrupting insurance. Our vision from the beginning was to reimagine insurance — to design insurance that’s on-demand, covers what you’re doing when you’re doing it, and priced fairly. This month we are marking one year since we launched our Insurance Cloud Services (ICS) platform, the platform that enables insurers and other platforms to develop on-demand insurance products. We saw a lot of interest from global insurers wanting to quickly become digital insurers, including partnerships announced with The Co-operators Group, AXA XL, L&G, and a few others we’ll be announcing very soon! Wide scale transformation of insurance is closer than you might think.
To start 2018, many publications and consulting firms believed the push towards digital transformation was due to increased customer demand to purchase insurance anytime and anywhere through their preferred engagement point. While this is certainly a factor, there is something much bigger at play.
Slice ICS has emerged as the most viable end-to-end digital insurer-as-a-service offering, allowing carriers to move into the digital world in the most risk free manner for any global product. Slice ICS, along with the opening of the Slice Launch Studio, allows our insurers a viable long term strategy to embrace digital.
Don’t take our word for it:
“I cannot think of a time in the Canadian insurance industry where an entirely new product has been built within two months of announcing intention to create a product from scratch,” comments Rob Wesseling, President and CEO of The Co-operators Group Limited.
We’re at the turning point where we’ll see insurance become truly intelligent and on-demand, operating in our digital ecosystems in such a way where consumers and businesses often do not have to think about whether it’s functioning—it will simply be there for them. Insurance will exist in a more valuable and wide scale manner reshaping traditional home, travel, cyber, and auto insurance, and even creating new digital insurance channels that were never imagined prior to the recent AI revolution. Imagine a world where consumers know they’re just covered.
Insurance customers will really start to benefit from intelligent, intuitive, on-demand insurance that is not just embedded, but woven in-life with the power of many different technology providers, where insurance is not something a consumer has to think about. Intelligent insurance that is part of larger digital ecosystems will have permissions and pre-set smart purchasing conditions based on in-depth analysis of customer behaviors to provide a more personalized, flexible, and cost-effective way to purchase insurance. This will also change the definition of claims and underwriting.
Insurance will now be about truly serving the person anytime and anywhere, not just about making quota or premium on the latest new product an insurer or a technology company provides.
It is great to be a year into growing ICS. We have an amazing team of employees, partners, and investors globally united around our vision that are putting their weight behind advanced customer experience for the new economy. A world where consumers and businesses realize insurance can be transformed into fitting in-life valuable futuristic customer experiences. This is the year where you’ll see Slice do things you never thought insurance can do.