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Led by Horizons Ventures and XL Innovate
Slice Labs, the insurtech startup focusing on on-demand insurance, has secured $3.9 million in seed funding, led by Horizons Ventures and XL Innovate.
The company is setting out to change the way we look at on-demand insurance, by offering policies that can be purchased with a click. Through imaginative uses of technology, design, and data, Slice Labs allows people in the on-demand economy to purchase insurance when they need it, without committing to annual plans.
“Insurance today is anything but transparent and it is hard to get the coverage you need when you need it,” says Tim Attia, CEO and co-founder of Slice. “The on-demand platforms have changed the game. Insurance must be truly frictionless and as seamless as transactions on these platforms.”
The first offering from Slice will be a proprietary pay-per-use service for Uber and Lyft drivers that gives them coverage from the time they turn on the rideshare app, until they turn it off. On-demand insurance can be costly, ineffective, and most importantly, impossible. Slice is looking to change how insurance works for the on-demand economy. Many annual plans are expensive, and it's difficult to justify buying annual plans when, for example, you rideshare part time. That's where Slice comes in, offering insurance when you need it, and only then.
Slice Labs is founded by Tim Attia, Stuart Baserman, and Ernest Hursh, all of which have years of experience in the insurance game. Find out more about Slice Labs on their website.
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