Slice ICS Customer Announces Go-Live of First Digital Insurance Product
In View Summary
In Canada, he Co-operators, in partnership with Slice have launched a new digital insurance product called Duo, an on-demand pay-per-use homeshare insurance product using SliceLabs Insurance Cloud Services (ICS) platform.
The launch comes following The Co-operators announced its intention to launch a new digital insurance arm in relationship with Slice. The product is for hosts using homesharing platforms like Airbnb, HomeAway and VRBO and costs $8 CAD per night, providing coverage for the full replacement cost of a home and it’s contents, plus an additional 15 coverages specific to homesharing including infestation, liquor liability, vandalism, loss of income etc. The product provides a simple and fast application process, AI-powered claims processing, and comprehensive cybersecurity protection of homeshare host and insurer information.
Rob Wesseling, President and CEO of The Co-operators Group Limited. Has said of this partnership: “This is the power of Slice ICS, as even a year ago this type of innovation was not in our traditional insurance product roadmap. We now have the flexibility and speed to solve new insurance problems facing Canadians without worrying about disappointing our customers due to yesterday’s slower insurance product development times.”
Benefits to Customers:
Transparency and privacy
Easier claim settlements
Benefits to the Insurer:
Improved claims processing and settlements
Reduced operational costs
The Digital Insurer's View
Home-sharing is a core tenet of the sharing economy, the protection offered by traditional home insurance policies is inadequate. This partnership with slice labs has enabled a traditional insurer to develop new insurance products for homesharing customers. With time, such partnerships will pave the way for additional products to cater for other gig economy participants who need delivery vehicle insurance by the hour, or temporary travel/healthcare insurance.