Over in the US there’s a significant insurtech player disrupting the field of insurance and zeroing in on on-demand cover. However, this two-year-old disruptor does not use brokers.
In fact, the digital insurer describes the process of getting covered as “easy as 1-2-3,” with approximately three minutes of signing up and providing “a few” details. Slice Labs provides pay-per-use insurance to homeshare hosts, while its rideshare product is currently in beta phase.
In addition, a policy with Slice is “primary and non-contributory” – meaning it is independent of annual homeowners’ insurance. Slice, currently operating in 36 US states, issues non-admitted policies in the excess and surplus lines market.
“You tap a button you become a business, you tap a button again you become a person again,” said Slice cofounder and chief executive Tim Attia at a forum, as quoted by a report by The Royal Gazette. “We are insuring and protecting that period of time where they are acting as a business.
“With on-demand insurance, we wanted to reimagine insurance. We were playing with time, so we removed the annual policy.”
The firm – whose CEO said they took an insurance company and put it in the cloud – has the backing of Horizons Ventures, XL Innovate, Sompo, and Munich Re.
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