The on-demand economy, whilst transforming traditional industries and improving consumer’s lives, has also left a grey area in the world of insurance. However, these services have also given rise to new risk forms. How does one insure Uber drivers whilst using their car to transport strangers, how does one insure his/her house when renting it out for the weekend? These new risks remain largely unserved by established insurers however smaller, nimbler startups have been quick to fill this void.
Enter Slice Labs. Slice is amongst a few startups who seek to address the daunting yet fast growing field of on demand risk management. The US company offers a new breed of insurance products designed for on-demand workers that is initiated on a transactional basis – i.e. when the driver starts driving, or when you rent your home.
However, Slice has gone beyond merely providing a product that meet the needs of today’s on-demand audience, they worked hard to gain full underwriting and claims authority. This means that they have a greater level of autonomy with regards to customer experience.
“We redesigned the claims experience to one that we would want for ourselves – easy, transparent, intuitive and friction less” said Tim Attia, CEO of Slice.
Slice is based in New York and is currently licensed to sell insurance in 49 US states whilst also receiving and underwriting support from Munich Re.
Ultimately, Slice is a great example of a company identifying newly formed risks and addressing a market gap. Although the gross written premium from such products pales in comparison to the traditional auto insurance sector, these products provide a tantalizing glimpse into the future of on demand coverage.