Slice Labs raises $25 million CAD to help insurers reach the gig economy

ridesharing

Insurance cloud platform provider Slice Labs has raised $25 million in a Series A extension.

The company raised a $15 million CAD Series A in October 2017. Investors include Canadian insurance group The Co-operators, with participation from XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Gripo Sura’s Veronorte, and JetBlue Technology Ventures.

In July, The Co-operators partnered with Slice Labs to power its duuo product.

While the company is headquartered in New York, a spokesperson said a large part of Slice’s C-level employees are based in Ottawa. The company plans to use the funding to meet customer demand for its services.

In July, The Co-operators partnered with Slice Labs to power its duuo product, which provides pay-per-use homeshare insurance. While the product is underwritten by Co-operators, Slice’s technology powering the backend uses machine learning to make more targeted offerings to customers.

Launched in 2016, Slice Labs offers insurance cloud services to traditional insurers grappling with new industries like ridesharing and homesharing. It enables insurers to provide on-demand insurance for these industries that operate with short-term services.

“The ICS platform is rapidly growing as insurers increasingly realize the need to engage a cloud-based platform and the competitive edge a fully digital on-demand insurance offering provides,” said Tim Attia, CEO of Slice. “This exceptional bench of new and returning investors will be a tremendous asset as we continue scaling our business and experimenting with the unmatched potential of digital insurance.”

The company rolled out its platform to across the US last year. In August, Slice Labs announced the hire of its chief growth officer, Philippe Lafreniere, former SVP of EIS Group, which builds insurance systems.

Photo via Unsplash.