Slice Labs Company Profile

Background

Founded in 2015 and headquartered in New York City, Slice Labs Inc. is a technology company specializing in on-demand digital insurance solutions tailored for small businesses. The company's mission is to revolutionize the insurance industry by providing intelligent, intuitive, and seamlessly automated insurance products that align with the evolving needs of the digital economy. By leveraging advanced technologies, Slice aims to simplify the insurance process, making it more accessible and efficient for small business owners.

Key Strategic Focus

Slice Labs focuses on delivering data-driven insurance solutions through its cloud-based platform. The company offers products such as Contractors General Liability and Workers’ Compensation insurance, designed to provide comprehensive coverage for small businesses. By partnering with Managing General Agents (MGAs) and wholesalers, Slice distributes its white-labeled or co-branded insurance products, ensuring a broad market reach. The platform emphasizes quick quote generation, binding policies in under five minutes, and offering friction-free online experiences, including unlimited and free Certificates of Insurance.

Financials and Funding

As of August 2024, Slice Labs has raised a total of $35.5 million in funding over multiple rounds. The most recent funding round occurred on September 26, 2018, where the company secured $20 million in Series A funding. This round was led by The Co-operators, with participation from XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Veronorte, and JetBlue Technology Ventures. The capital raised has been utilized to expand the company's Insurance Cloud Services (ICS) platform and to meet the growing global demand for on-demand insurance products.

Technological Platform and Innovation

Slice Labs differentiates itself through its proprietary Insurance Cloud Services (ICS) platform, which is powered by machine learning, advanced data analytics, and behavioral science expertise. This platform enables insurers to quickly ideate, experiment, test, and deploy new, on-demand insurance products. Notable technological innovations include:

Slice Mind: A suite of AI-powered services that assist insurers in proactively managing risks. These services include Industry Prediction for business classification, Cyber Risk Modeling for real-time cyber risk assessment, Geographic Scoring for informed decision-making based on geographic risk distribution, and Claims Fraud Prevention to detect potentially fraudulent activities.

Automated Claims Settlement: An AI-driven solution designed to drastically reduce claims management costs for insurers by automating the claims settlement process.

Leadership Team

Tim Attia: Co-Founder and Chief Executive Officer. Tim brings extensive experience in the insurance and technology sectors, leading Slice's strategic vision and growth initiatives.

Ernest Hursh: Co-Founder and Chief Revenue Officer. Ernest focuses on driving revenue growth and expanding the company's market presence.

Stuart Baserman: Chief Technology Officer. Stuart oversees the technological development and innovation of the ICS platform.

Philippe Lafreniere: Chief Growth Officer. Philippe is responsible for accelerating the company's growth through strategic partnerships and market expansion.

Competitor Profile

Market Insights and Dynamics

The on-demand insurance market is experiencing significant growth, driven by the increasing demand for flexible and personalized insurance solutions. Small businesses, in particular, are seeking insurance products that can be tailored to their specific needs and can be accessed seamlessly through digital platforms. This trend is fostering innovation and competition among insurtech companies aiming to capture this expanding market segment.

Competitor Analysis

Slice Labs operates in a competitive landscape alongside several notable companies:

Lemonade: An insurance company that provides coverage for damaged properties and personal liabilities. Lemonade leverages AI and behavioral economics to offer quick and affordable insurance policies.

Certua: A fintech platform that utilizes data to provide financial planning solutions for individuals and advisers.

Goji: An online insurance comparison company that helps consumers find and purchase auto and home insurance policies.

Origin Financial: A company offering wealth management solutions, focusing on financial planning and investment strategies.

These competitors emphasize digital-first approaches, leveraging technology to streamline the insurance purchasing process and enhance customer experience.

Strategic Collaborations and Partnerships

Slice Labs has established several strategic partnerships to enhance its market position and expand its capabilities:

Nationwide: In March 2019, Slice partnered with Nationwide to develop on-demand auto insurance solutions for rideshare drivers. This collaboration aimed to provide flexible and comprehensive insurance products tailored to the unique needs of rideshare drivers.

AXIS Insurance: In October 2020, Slice collaborated with AXIS Insurance to offer home-based business insurance, addressing the coverage gap for small businesses operating from home.

Munich Re: Slice partnered with Munich Re to support the launch of its on-demand insurance platform, leveraging Munich Re's expertise and financial backing to expand globally.

Legal & General: In 2018, Slice teamed up with Legal & General to launch on-demand homeshare insurance in the UK, utilizing Slice's ICS platform to develop web and mobile applications for the product.

Operational Insights

Slice Labs' strategic focus on leveraging advanced technologies such as AI, machine learning, and behavioral science positions it uniquely in the insurtech industry. The company's ability to rapidly develop and deploy on-demand insurance products provides a competitive advantage, allowing it to meet the dynamic needs of small businesses. By partnering with established insurers and leveraging their distribution channels, Slice is poised to capitalize on emerging opportunities in the evolving insurance landscape.