Slice: Insurance Corrected
New York based Slice Labs Inc. is a startup technology company offering a cloud-based, on-demand, pay-per-use insurance platform to quickly and easily deploy new insurance products that perform vastly better, offer deeper customer engagement, and present a wider array of options for customers. Slice is committed to delivering insurance differently. They started with on-demand insurance for the on-demand economy, insurance for a slice of time.
Slice Insurance Cloud Services™ is a cloud hosted, end-to-end, digital-first platform designed and built to drive experimentation and deployment. ICS supports rapid introduction, evaluation, and adoption of new products, technologies, and business models. It enables insurers to achieve:
- faster time to market
- quicker and lower cost to deploy new products
- a platform on which to experiment
- on-demand monthly subscription flexibility and scalability (scale in a cost-effective manner)
- dramatic reductions in operating expenses.
The Slice Insurance Cloud Services™ is currently fully operational in the US marketplace and is also fully localized (multi-currency and multi-lingual) for the UK. They partnered with a carrier in the US, as well as in the UK. In February they announced a new technology partnership with Legal & General, the FTSE 100 financial services group and leading home insurance provider with the aim to offer a new on-demand homeshare insurance proposition for customers.
How it worksSlice is insurance in the cloud using AI and machine learning for pricing, rating, licensing, real-time and automated continual underwriting, servicing, and capacity. The startup created a modern, end-to-end, cloud-based SaaS technology platform serving the full insurance value chain including product definition, quote, bind, issue, first notice of loss (FNOL) and more. End-to-end insurance services are delivered in the US via multiple distribution channels (direct to market by Slice and as a co-branded partner platform).
The Slice platform provides a full end-to-end insurance value chain in order to provide a full digital only insurer from the ground up. The platform is designed to deliver on multiple product lines, across insurance business functions and is architected for flexibility, configurability and usability.
Why we selected Slice for DIA Amsterdam
Slice is reimagining insurance through design, data, and technology resulting in dramatic cost reductions as well as superb customer engagement. The common thinking is that going digital is about adopting new technologies like AI, Machine Learning, Bots, etc. But technology advances quickly. It will be different and better tomorrow and the day after tomorrow. Consistently trying to adopt every advancement is exhausting, expensive, and nearly impossible in current legacy organizations.
Being digital at Slice is about sustained competitive advantage. They have already adopted all these new technologies, so carriers can have access to them before their competition does. For Slice, maintaining a sustained competitive advantage is centered around exciting and surprising customers while getting more revenue and removing orders of magnitude of cost.
Who is Slice
In late 2015, three guys with a passion for insurance, wanted to re-imagine and redesign the insurance experience. Creating an insurance company that would put the customer first and make them feel taken care of. So, Tim Attia (CEO), Ernest Hursch and Stuart Baserman founded Slice.
The Slice team has over 100 years combined experience implementing core systems and distribution systems for the largest global insurance carriers including US carriers AIG, ACE, Farmers, AAA, AXA, Allianz, Fireman’s Fund, Allstate, and Progressive.
Slice is headquartered in NYC with an additional office in Cleveland, Ohio to house a customer service center while the technology development team is located primarily in Ottawa, Canada. They have an office established in London that handles UK regulatory matters, and UK project management.
The startup raised a Series A investment of $11.6M led by XL Innovate, with participation from Horizons Ventures, Munich Re / HSB Ventures, SOMPO, Plug and Play, and Tusk Ventures. The financing will be used to scale Slice’s on-demand offering for new products and jurisdictions, and to accelerate the deployment of its On-Demand Digital Insurance Platform via marquee partnerships. Slice raised $3.9M in seed funding in the first part of 2016.
”Just over two years ago, we set out to completely rethink and re-imaging insurance and started with a blank sheet of paper. Today, our vision of supporting on-demand insurance for an on-demand world has come to fruition by having on-demand homeshare insurance available across the US, launching Insurance Cloud Services™and expanding to the UK with an L&G partnership.” Tim Attia, CEO and Co-Founder of Slice
Tim Attia, CEO and Co-Founder of Slice
Presenter 1: Tim Attia
Presenter 2: Dawid Glawdzin
Contact info: Emily Kosick
Email: [email protected]