Drivers using the Slice rideshare app to gather data and test technology and algorithms
NEW YORK -- (BUSINESS WIRE) -- Slice Labs Inc., a technology startup that launched the first on-demand insurance platform in the United States, today announced it has completed the Slice on-demand pay per use rideshare app and released it to a select set of rideshare drivers to gather data and test the Slice technology.
Slice designed a proprietary first of its kind rideshare product that protects the rideshare drivers while covering the liability associated with the commercial activity of ridesharing. The Slice policy is issued from the time the driver goes online and starts work to the time they go offline at the end of their shift - from app on to app off.
Slice provides the appropriate coverage needed to protect the driver and passengers – beyond state mandated minimums. A recent survey conducted by The Rideshare Guy of 1,100 rideshare drivers showed that 85% are interested or very interested in purchasing per use insurance for the time they are working. The Slice product does exactly that - covering the time period when the driver is acting as a business – the timeframe typically excluded by rideshare insurance products other than annual policies.
Slice coverage is sold to the driver owning or leasing the automobile, and thereby, taking on the liability. Most importantly, Slice protects the driver while engaging in rideshare activity and meets the state requirements that require drivers get appropriate commercial coverage for the time they are acting as a business.
“An on-demand auto product is by far our most complex to date from both an insurance and technology perspective,” said Tim Attia, CEO and co-founder of Slice. “This product provides protection to the drivers who currently face significant gaps in coverage. It was also important to our ongoing efforts to thoroughly test the flexibility of the Slice platform to support both home and auto, which was our reasoning behind starting with a limited introduction to a select group of drivers,” added Tim.
Slice is backed by Horizons Ventures, XL Innovate, Munich Re and Tusk Ventures, and is headquartered in New York City. Slice is currently licensed to sell insurance in 50 states and the District of Columbia.
Slice Labs Inc. is a startup technology company that provides an on-demand, pay-per-use insurance platform 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, Managing Director, Marketing