On-demand. When you read that you probably think of Netflix or any of the like TV / Movie providers that allow you to watch what you want, when you want—literally turning on the service when there is demand. When you think of on-demand for insurance, it may feel like trying to time a great play on the stock market—impossible! But wait, on-demand for insurance works, we've proven it! Here's what it really means.
On-demand means digital
To provide insurance on-demand, it has to be digital. One cannot go without the other. What does being digital mean for a consumer? It means that insurance is at your fingertips—you can reach out, buy it and make a claim when you want and how you want. It means that you don’t have to talk to anyone—it’s about our providing you with a self serve model (and also being there when you need to chat with us in person). The insurance is provided as soon as, and whenever, you need it. It means that insurance is bought and not sold.
What does being digital mean for a carrier? It means that via our ICS platform you have access to AI and machine learning, chatbots, behavioral science research and customer focused user experiences, not to mention capabilities for the full end-to-end insurance value chain (digital marketing through to underwriting, policies sales and servicing). Harnessing data and technology through the Slice ICS platform, as well as our product launch methodology and processes, allows you to conceive new products and experiences. You can delight and surprise your customers by providing the right protection at the right time based on what they’re doing, when they’re doing it, and bringing it to them directly (in an easy-to-use, frictionless manner) and digitally (that is efficient and scalable).
On-demand means simple, convenient and immediate
For a consumer—Slice is available at any moment, providing simple to interact with apps, simple to get coverage, and simple to file claims; it’s very convenient, timely and customer-friendly.
For a carrier—leverage the flexibility, scalability, and security of ICS in a subscription model. Slice works with you to make it simple and quick to get your new, innovative digital insurance products to market quickly. With a subscription, use the ICS platform as long as you need. That’s convenience!
On-demand means being able to provide coverage to unserved and underserved markets
The insurance industry has struggled to cost effectively re-configure legacy systems in-order to adequately address risks emerging from a new digital, on-demand economy. Leveraging the on-demand capabilities of ICS allows carriers to provide coverage to the unmet needs in various underserved markets.
On-demand insurance means that we are playing with time
How do we do that? Well, we've removed time as a constant in the insurance equation transforming it into a variable! We've done away with the traditional fixed-term aspect of insurance (the usual 6 month or annual policy that needs to be renewed over and over). We play with the dimension of time in our products. With Slice, terms can vary from a defined finite experience to an indefinite period. This means at Slice, and through Insurance Cloud Services (ICS), we offer products where durations can differ, whether it's by the minute, hour, day, week, month and beyond; products can also be dynamic, where the time period is not required to be predefined, it can be determined and vary based on activities and signals. And Slice protection can adjust over time as needs fluctuate. It's about solving the challenge of time when serving insurance on-demand.
So let’s pull it all together, check out our recently announced on-demand cyber insurance coverage (coming soon). Stay tuned for more info.
Want to learn more about going on-demand with insurance? Connect with us anytime at info@slice.is.
