Slice Labs Raises $20M in Extended Series A to Globalize its On-Demand Insurance Cloud Platform
Slice Labs, a leading on-demand insurance cloud platform provider, today announced it has raised an additional $20 million in Series A funding, led by The Co-operators with participation from XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Veronorte, the investment arm of Grupo Sura, and JetBlue Technology Ventures. This sizable, extended round will be used to execute on the higher than planned global demand for Slice Insurance Cloud Services (ICS).
Slice launched in 2016 with a mission to change, improve and redesign insurance. The company’s Insurance Cloud Services (ICS) is transforming traditional insurers into digitally-driven carriers by providing them with a platform that enables them to quickly ideate, experiment, test and deploy new, on-demand insurance products. Top global insurers have launched on-demand insurance products using ICS, and Slice will use this new financing to continue expanding its offering on a global scale.
“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 ICS platform is a high-value service enabling insurers to launch new, on-demand, digital insurance products within weeks. Powered by machine learning, advanced data analytics and Ph.D. level behavioral science expertise in a subscription model and that includes API-based pricing, rating, licensing, claims process and automated underwriting, ICS represents the next step in advancing insurance technology.
“As the digital economy expands, Slice’s unique platform and approach will enable innovative, agile and needs-based insurance solutions for a rapidly changing world,” says Rob Wesseling, president and CEO of The Co-operators. “Through our partnership with Slice, we’re not only investing in a technology that enables us to stay on the leading edge of those solutions, we’re investing in our long-term ability to continue meeting the changing needs of our members and clients.”
Slice first used the technology behind ICS to launch its first product in October 2016 and to rollout their digital on-demand platform to 50 States last year. The company introduced the ICS platform to the market in January 2018, and has seen significant demand globally, which includes the announcement of three new Slice ICS customers developing various on-demand insurance offerings, including XL Catlin, Legal & General and The Co-operators. Additionally, to support its strong momentum, Slice recently announced the hire of its Chief Growth Officer, Philippe Lafreniere, a seasoned insurance executive, in August who will play an integral role in helping global insurers realize the value on-demand digital insurance models can have on customer experiences.
About Slice Labs
Slice Labs is a leading on-demand insurance cloud platform provider that empowers insurers to deliver new value to customers through direct insurance or insurance agent models without investing in infrastructure to provide customized on-demand, pay-as-you-go insurance products. The Slice Insurance Cloud Services platform (ICS) is powered by machine learning and advanced big data technologies along with Ph.D. behavioral science expertise. ICS is the foundation for new digital insurance products being released globally by top insurers and is also the base for Slice’s own digital insurance products serving the new economy.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180926005145/en/
Contact information
Slice Labs Inc. PR
Emily Kosick, 303-886-5708
pr@slice.is
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
DataXstream Expands into Nordic Region with Successful Go Live for Martin & Servera23.4.2024 15:07:00 CEST | Press release
DataXstream LLC, an SAP solution provider focused on order management and point of sale for sales and distribution, today announced it is expanding into the Nordic region after a successful implementation of its OMS+ platform across two key business units for the Martin & Servera group, Sweden’s leading restaurant and catering distributor that specializes in the needs of the restaurant industry. Learn more about DataXstream OMS+ here. Martin & Servera is a group of companies based in Stockholm who was faced with the challenge of managing multiple ERP systems that were facing end of life, so they decided to consolidate onto a single instance of SAP S/4 HANA for all their business units. As part of this migration, Martin & Servera turned to DataXstream’s OMS+ cross-channel order management platform to help them enable faster order entry and streamline their sales and order processes between all companies within their organization. Working with DataXstream’s LATAM delivery team, Kötthalle
Autel Energy’s Global ESG Launch Is A Success: Around 5,000 Trees Planted In EVergreen's Inaugural Tree Planting Initiative23.4.2024 15:00:00 CEST | Press release
Autel Energy, a leading provider of electric vehicle (EV) charging solutions and services, proudly announces the successful conclusion of its first EVergreen Global Tree Planting Initiative, which saw hundreds of participants around the globe plant an estimated 5,000 trees in the initial phase. This activity offsets an estimated 2,190,000 kilograms of carbon emissions (CO2), and emphasizes Autel Energy's and partners' commitment to their ESG goals towards a sustainable tomorrow. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240423142946/en/ Autel Energy’s Global ESG Launch A Success (Graphic: Business Wire) Partner Experience and NGO Feedback Reflecting on the Initiative, one partner remarked, “We show the world we are not only talking about a better world and clean energy, but we are really taking steps by putting shovels in the ground.” The non-governmental organizations (NGO) involved expressed sincere gratitude for the
Ouro Partners with Bnext as Strategic Issuer for European Expansion Plans23.4.2024 14:00:00 CEST | Press release
Ouro, a global consumer financial services and technology innovator, and Bnext, a pioneering Spanish fintech, today announced a strategic partnership designating Bnext as Ouro’s strategic issuer in Europe for Ouro’s portfolio of consumer financial brands and products. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240423392141/en/ Roy Sosa, co-founder and CEO of Ouro (Photo: Business Wire) Ouro’s innovative payments portfolio includes its flagship Netspend brand that pioneered prepaid debit for underserved U.S. consumers looking for better access to payment products, and X World Wallet, its cashback-earning multicurrency wallet and payments app for international travelers and digital nomads looking for more convenience and value for their money. “The Bnext team has a proven track record of innovation and understanding of the customer needs of a growing European market for next generation payment products and services,” said
NetApp’s 2024 Cloud Complexity Report Reveals AI Disrupt or Die Era Unfolding Globally23.4.2024 14:00:00 CEST | Press release
NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today released its second annual Cloud Complexity Report. The report analyzes the experiences of global technology decision makers deploying AI at scale and shows a stark contrast between AI leaders and AI laggards. This year’s report provides global insights into the progress, readiness, challenges, and momentum since last year’s report, what we can learn from both the AI leaders and AI laggards, and the critical role of a unified data infrastructure in achieving AI success. “AI is only as good as the data that fuels it,” said Pravjit Tiwana, General Manager and Senior Vice President of Cloud Storage at NetApp. “Both the AI leaders and AI laggards show us that in the prevailing hybrid IT environment, the more unified and reliable your data, the more likely your AI initiatives are to be successful.” There is a Significant Divide Between AI Leaders and AI Laggards The report found a clear divide between AI leaders and
Moody’s Teams Up with the New York Giants and New York Jets as the New Cornerstone Partner of MetLife Stadium23.4.2024 14:00:00 CEST | Press release
Moody’s Corporation, the world’s leading source of bold, clear and perceptive insights on exponential risk, announced today that it has been named an Official Cornerstone Partner of MetLife Stadium, home of the New York Jets and New York Giants. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240423976836/en/ (Graphic: Business Wire) As part of the multi-year partnership, Moody’s branding will be a mainstay at MetLife Stadium events, extending throughout the stadium with in-bowl signage and digital displays. Guests will first be greeted at the Moody’s Gate (pictured above) and then pass through an activation area on the plaza. Moody’s is also the naming rights partner of the Moody’s Commissioners Club, a spectacular private space in the Stadium offering guests unparalleled views and unique experiences at events. “In trying to find organizations that align with Moody’s renewed brand of decoding complexity and finding a path fo