Legal & General wants to “transform” insurance, and in its bid has partnered with insurtech Slice Labs to come up with an on-demand homeshare insurance product.
Amid the rising popularity of on-demand cover, the British insurer and the US start-up are collaborating to develop both online and mobile applications – backed by big data, AI, and machine learning. The partnership will feature the Slice Labs Insurance Cloud Services (ICS) platform and represents Legal & General’s ongoing investment in new technology.
“We’re honoured to be working with one of the UK’s largest insurance groups, as they leverage our ICS platform,” commented Slice Labs chief executive Tim Attia. “The UK homeshare market is in desperate need of on-demand insurance, so we’re proud to work with L&G to bring it to fruition. We view this initial project as a gateway to the development of other on-demand and more traditional insurance products.”
Slice Labs’ cloud-based and pay-per-use insurance platform enables streamlined deployment of new offerings, with the disruptor promising to “reimagine” insurance through design, data, and technology.
“Our new partnership with Slice will allow us to use the latest technology that is fundamentally changing the way people buy insurance,” said Cheryl Agius, chief executive of Legal & General’s insurance division. “Customers who share their homes, such as through Airbnb, want to buy insurance quickly and easily and when they need it.
“This insurance proposition is part of our strategy to continue to transform insurance with data and technology led solutions that enhance customers’ experience.”
The FTSE 100 financial services group had more than 9.5 million customers in the UK for its life assurance, pensions, investments, and general insurance plans as of June 30, 2017.