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Co-operator is investing in a cloud platform of insurance products



September 27, 2018 09:30

Photo : Freepik

The assurtech Slice Labs has raised $ 20 million in a series A financing led by the Co-operators in order to globalize its cloud platform insurance. Insurance Cloud Services (ICS) allows insurers to create insurance products on request.

 XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, VeroNorte and the investment subsidiary of Grupo Sura has also participated in the financing.

“The platform ICS is growing rapidly as companies are increasingly realising the need to engage a platform based on the Cloud and the competitive advantage provided by an insurance offering on-demand, fully digital,” says Tim Attia, chief executive officer of Slice.

“To offer insurance solutions that are innovative”

The platform ICS is based on the machine learning, data analysis, and advanced on the science of behavior. The tool uses a subscription-based model that includes pricing, rating, licensing, processing applications, and a subscription-based automated interfaces application programming (API).

“As the digital economy expands, the platform and the approach unique Slice will offer insurance solutions that are innovative, flexible, and based on the needs for a rapidly changing world,” says Rob Wesseling, president and chief executive officer of Co-operators.

The insurer has also launched its own platform with insurance on request, duuo Co-operators, in collaboration with Slice Labs at the end of the summer. It is aimed at the rental market in the short-term through platforms like Airbnb, Homeaway and VRBO.

Munich Re had also entered into a partnership with Slice Labs to launch its platform in 2016. The German reinsurer had previously established subscription, which is the automated on the platform.

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