NY-SLICE-LABS
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180926005145/en/
Contact:
Slice Labs Inc. PR Emily Kosick, 303-886-5708 pr@slice.is
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
TX-SLB19.4.2024 12:51:33 CEST | Press release
SLB Announces First-Quarter 2024 Results, Targeting to Return $7 Billion to Shareholders Over 2024–2025
CO-ZAYO-GROUP19.4.2024 09:01:30 CEST | Press release
Zayo Group Appoints New CEO of Zayo Europe
HUBHEAD18.4.2024 22:16:32 CEST | Press release
HubHead Corp. Acquires DataSeer Inc. Assets to Expand its Vertical AI Capabilities
POPULAR,-INC.18.4.2024 20:30:30 CEST | Press release
Banco Popular Launches a New Campaign 'We Follow Your Rhythm'; Introduces Audio Branding
B2BROKER18.4.2024 18:07:28 CEST | Press release
B2Broker Increases Leverage on Major FX Pairs to 1:200
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom