Slice Labs Inc., the insurtech startup that disclosed $3.9 million of seed funding from XL Innovate and Horizon Ventures in March, announced Monday that Munich Re has signed on as a coverage partner.
Slice, which is launching a tap-for-coverage on-demand insurance platform to support the on-demand economy, said that partnering with an A+ rated provider like Munich Re (rating from A.M. Best) gives the company a powerful market advantage.
Slice and Munich Re have agreed to an ongoing rollout program of products and territories with Slice creating the technology platform to deliver unique products directly to the consumer. Service and processing of claims will also be handled by Slice.
The Slice platform will include automated underwriting rules agreed upon by Munich Re. The two companies are currently working together to implement Slice’s first product in the United States.
Andrew Rear, Chief Executive of Digital Partners at Munich Re stated, “Digital Partners is a new Munich Re global venture designed to partner with disruptors who are changing the way insurance is experienced by customers. We are looking forward to helping Slice reimagine and redesign insurance to support the on-demand economy.”
Sources: Munich Re, Slice