Announcements from a variety of InsureTech companies specializing in different markets hit the wires in the past few days:
- Slice Labs Inc. just released a new on-demand pay per use rideshare app, releasing it to a select set of rideshare drivers to gather data and test the technology in advance of a full rollout.
- Startup Lifester will offer online convenience of quote sites paired with advice of seasoned life insurance agents.
- Decisely announced a $60 million funding commitment to help it expand its HR and Employee Benefits platform for small business and benefits brokers.
- Lemonade announced today it has been licensed as a full-stack insurance carrier in Illinois. Renters in the state can now buy a Lemonade policy in seconds while Homeowners policies will be available in the state soon.
Here and on the following pages is a closer look at each of these developments.
Slice releases on-demand rideshare coverage app to select drivers
NEW YORK – Slice Labs Inc., a technology startup that launched the first on-demand insurance platform in the United States, in late March announced it has completed the Slice on-demand pay per use rideshare app and released it to a select set of rideshare drivers to gather data and test the technology.
In announcing the limited release, Slice says it designed the proprietary first-of-its-kind rideshare product to protect the rideshare drivers while covering the liability associated with the commercial activity of ridesharing. The Slice policy is issued from the time the driver goes online and starts work to the time they go offline at the end of their shift – from “app on” to “app off.”
Slice says it provides the appropriate coverage needed to protect the driver and passengers – beyond state mandated minimums.
A recent survey conducted by The Rideshare Guy of 1,100 rideshare drivers showed that 85% are interested or very interested in purchasing “per use” insurance for the time they are working. The Slice product does exactly that – covering the time period when the driver is acting as a business – the timeframe typically excluded by rideshare insurance products other than annual policies.
Slice coverage is sold to the driver owning or leasing the automobile, and thereby, taking on the liability. Most importantly, Slice says it protects the driver while engaging in rideshare activity and meets the state requirements that require drivers get appropriate commercial coverage for the time they are acting as a business.
“An on-demand auto product is by far our most complex to date from both an insurance and technology perspective,” said Tim Attia, CEO and co-founder of Slice. “This product provides protection to the drivers who currently face significant gaps in coverage. It was also important to our ongoing efforts to thoroughly test the flexibility of the Slice platform to support both home and auto, which was our reasoning behind starting with a limited introduction to a select group of drivers.”
Slice is backed by Horizons Ventures, XL Innovate, Munich Re and Tusk Ventures, and is headquartered in New York City. Slice is currently licensed to sell insurance in 50 states and the District of Columbia.
About Slice: Slice Labs Inc. is a startup technology company that provides an on-demand, pay-per-use insurance platform that is cost-effective, easy to acquire with a tap, and provides superior coverage. Slice is reimagining insurance through design, data, and technology. To stay up to date with Slice, visit http://www.slice.is and follow @SliceLabs on Twitter.
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