The investment strengthens Munich Re partnership with Slice ahead of its launch in the US.
NEW YORK -- (BUSINESS WIRE) -- Slice Labs Inc., an insurtech startup set to launch the world’s first on-demand insurance platform to support the on-demand economy, and Munich Re / HSB Ventures, the corporate venture capital arm of Munich Re, have announced their partnership focused on the support and growth of Slice’s upcoming product launch in the US.
Since their formal incorporation in October 2015, Slice secured seed funding from Horizons Ventures and XL Innovate, and has now received additional funding from Munich Re. As previously reported, Munich Re’s Digital Partners group is working with Slice to provide the backing for Slice’s on-demand insurance products globally.
“This investment and key partnership gives us additional resources to expand quickly and strategically into the market and to deliver on our vision globally,” said Slice CEO Tim Attia. “We’re honored to work with a company with such a strong track record of partnering to craft inventive insurance solutions that cover emerging risks posed by technological change,” Tim added.
Jacqueline LeSage Krause, Managing Director of Munich Re / HSB Ventures stated, “At Munich Re, our vision is to focus on evolving technologies and new insurance solutions for the future.” Jacqueline added, “In response to the growing risk on-demand workers face in the sharing economy, Slice is providing novel insurance solutions. We are proud to enable Slice to offer these solutions in its first market and quickly expand them to markets around the world.”
About Munich Re:
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with more than 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Munich Re's primary insurance operations are concentrated in the ERGO Group. ERGO is one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2015, ERGO posted premium income of €17.9bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re's global investments (excluding insurance-related investments) amounting to €215bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
Slice Labs Inc. is an insurtech startup providing on-demand, pay-per-use insurance for the on-demand economy that is cost-effective, easy to acquire with a tap, and provides superior coverage. Slice is reimagining insurance through design, data, and technology. To stay up to date with Slice, visit http://www.slice.is and follow @SliceLabs on Twitter.
Slice Labs Contact:
Emily Kosick, Director of Marketing