AXIS partners with insurtech Slice to fill small business coverage gap

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has partnered with on-demand insurtech platform Slice Labs to fill the coverage gap for small business risks.

Home-based businesses comprise more than 50 percent of all small businesses in the US, according to the insurers. Traditional homeowners’ insurance policies are not designed to cover commercial claims, leaving home-based business owners exposed.

The new partnership will enable AXIS to distribute its home based business insurance on Slice's on-demand insurance platform. The goal is to distribute the product through an omni-channel distribution model that includes MGAs, retail agencies, platforms and other digital distribution channels.

The home based business insurance is designed to fill the coverage gap for small business risks like general liability, professional liability, property, cyber and crime.

Jill Bryant, head of small specialty commercial at AXIS, said: “Our commitment is to distribute a product that provides home-based businesses with a customized policy unique to each customer. Today’s customer expects the insurance buying process to be as streamlined as purchasing other online products, and Slice’s innovation provides customers with that experience. We are impressed with Slice’s omni-channel distribution capabilities and its customer-first design approach.”

Tim Attia, chief executive and co-founder of Slice, added: “Now, more than ever, protecting small businesses with comprehensive insurance is crucial. We’re pleased to work with AXIS on product development and distribution leveraging our Insurance Cloud Services platform. It’s a digital experience for a simplified customer journey with on-demand protection.”