Legal & General partners with Munich Re-backed insurtech for 'on-demand' insurance
UK's life and general insurance provider Legal & General (L&G) has partnered with US-based insurtech start-up Slice Labs to roll out ‘on-demand’ homeshare insurance.
Founded in October 2015, Slice Labs provides tailored insurance offerings for home sharing costs. Slice is backed by Horizons Ventures, XL Innovate, Munich Re and Tusk Ventures, and is headquartered in New York City.
As part of the new technology partnership, the two companies are working together on the development of web and mobile applications, as well as using big data, artificial intelligence (AI), and machine learning to develop the homeshare product.
According to Legal & General, the last few years have seen an increase in the popularity of on-demand insurance that offers customers flexibility of cover that is easy and convenient to buy and paying only for what they need when they need it.
“Our new partnership with Slice will allow us to use the latest technology that is fundamentally changing the way people buy insurance,” said Cheryl Agius, CEO of Legal & General’s Insurance division.
"Customers who share their homes such as through Airbnb want to buy insurance quickly and easily and when they need it. This insurance proposition is part of our strategy to continue to transform insurance with data and technology led solutions that enhance customers’ experience,” Agius noted.
Tim Attia, CEO of Slice Labs added: “The UK homeshare market is in desperate need of on-demand insurance so we’re proud to work with L&G to bring it to fruition. We view this initial project as a gateway to the development of other on-demand and more traditional insurance products.”
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