Slice Labs Raises $20M in Extended Series A to Globalize its On-Demand Insurance Cloud Platform
Business Wire India
Slice Labs, a leading on-demand insurance cloud platform provider, today announced it has raised an additional $20 million in Series A funding, led by The Co-operators with participation from XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Veronorte, the investment arm of Grupo Sura, and JetBlue Technology Ventures. This sizable, extended round will be used to execute on the higher than planned global demand for Slice Insurance Cloud Services (ICS).
Slice launched in 2016 with a mission to change, improve and redesign insurance. The company’s Insurance Cloud Services (ICS) is transforming traditional insurers into digitally-driven carriers by providing them with a platform that enables them to quickly ideate, experiment, test and deploy new, on-demand insurance products. Top global insurers have launched on-demand insurance products using ICS, and Slice will use this new financing to continue expanding its offering on a global scale.
“The ICS platform is rapidly growing as insurers increasingly realize the need to engage a cloud-based platform and the competitive edge a fully digital on-demand insurance offering provides,” said Tim Attia, CEO of Slice. “This exceptional bench of new and returning investors will be a tremendous asset as we continue scaling our business and experimenting with the unmatched potential of digital insurance.”
The ICS platform is a high-value service enabling insurers to launch new, on-demand, digital insurance products within weeks. Powered by machine learning, advanced data analytics and Ph.D. level behavioral science expertise in a subscription model and that includes API-based pricing, rating, licensing, claims process and automated underwriting, ICS represents the next step in advancing insurance technology.
“As the digital economy expands, Slice’s unique platform and approach will enable innovative, agile and needs-based insurance solutions for a rapidly changing world,” says Rob Wesseling, president and CEO of The Co-operators. “Through our partnership with Slice, we’re not only investing in a technology that enables us to stay on the leading edge of those solutions, we’re investing in our long-term ability to continue meeting the changing needs of our members and clients.”
Slice first used the technology behind ICS to launch its first product in October 2016 and to rollout their digital on-demand platform to 50 States last year. The company introduced the ICS platform to the market in January 2018, and has seen significant demand globally, which includes the announcement of three new Slice ICS customers developing various on-demand insurance offerings, including XL Catlin, Legal & General and The Co-operators. Additionally, to support its strong momentum, Slice recently announced the hire of its Chief Growth Officer, Philippe Lafreniere, a seasoned insurance executive, in August who will play an integral role in helping global insurers realize the value on-demand digital insurance models can have on customer experiences.
About Slice Labs
Slice Labs is a leading on-demand insurance cloud platform provider that empowers insurers to deliver new value to customers through direct insurance or insurance agent models without investing in infrastructure to provide customized on-demand, pay-as-you-go insurance products. The Slice Insurance Cloud Services platform (ICS) is powered by machine learning and advanced big data technologies along with Ph.D. behavioral science expertise. ICS is the foundation for new digital insurance products being released globally by top insurers and is also the base for Slice’s own digital insurance products serving the new economy.