Slice Labs Inc., an on-demand insurance cloud platform provider, announced on Thursday the availability of Insurance Cloud Services (ICS) in the UK and EU. Slice reported that the first customer to use ICS in the UK is Legal & General with the launch of on-demand, pay-per-use homeshare cover.
Founded in 2015, Slice describes itself as an 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.”
Speaking about its launch in the EU and UK, the company revealed:
“True to the company’s stated intention of extending global availability of ICS following a $20M USD Extended Series A, UK and EU insurers are now able to subscribe to ICS and launch on-demand insurance products customized to locale, language, and demographics.”
Tim Attia, CEO of Slice Labs, went on to add:
“After successfully proving the value for insurers to create digital insurance models in North America, we are excited at what ICS can deliver for UK and EU carriers. The customer appetite for on-demand, pay-as-you-go service models transcends borders due to the continual advancement of big data and AI technologies. We are bringing the power of these technologies to European insurers in order to deliver more sustainable value to the insured in any demographic and market.”