XL Catlin’s investor arm is the lead backer of Slice Lab’s new $11.6 million Series A financing, money the InsurTech startup will use to expand its on-demand pay-per-use insurance platform.

Beyond XL Innovate, Munich Re/HSB Ventures, SOMPO, Horizons Ventures, Plug and Play and Tusk Ventures also participated in the round.

“We couldn’t be more eager to accelerate our go-to-market strategy with the support of such a strong group of investors bringing their strategic and financial expertise to the table,” Slice CEO Tim Attia said in prepared remarks. “This is critical as we move to the next phase in the development of the company, which will be to scale and show traction both in the direct market and through strategic partnerships.”

With the new financing, Slice plans to offer its On-Demand Insurance Platform directly to large carriers globally. Slice’s platform is a fully operating insurance entity that can operate via app or online and includes pricing, ratings, licensing, underwriting, servicing and capacity.

Slice launched earlier in 2016 with seed funding from Horizons, XL Innovate and Munich Re.

In October 2016, Slice rolled out its first on-demand insurance product for homeshare hosts participating in platforms such as Airbnb, HomeAway, OneFineStay and FlipKey. The on-demand commercial insurance policy can be purchased via app or online and it covers the time period hosts rent their home.

Slice said it now provides homeshare coverage in 26 U.S. states, reaching 70 percent of the U.S. population and 82 percent of the homeshare market. Plans call for having the product available in all 50 states by the end of 2017.

In March, Slice announced it had completed a pay-per-use rideshare insurance app, and launched a test with a “select set” of rideshare drivers to iron out the kinks. The policy protects rideshare drivers while covering the liability connected to the commercial activity of vehicle. It kicks in from the time the driver goes online and starts to work to the time he or she goes offline at the end of their shift.

Slice said the rideshare product will launch “soon.”

Slice’s financing news comes a day after InsurTech startup Pie Insurance announced its launch and a $4.3 million seed financing round. The startup launched with an online price-compare tool and is targeting the small business workers compensation market, with plans to handle full scale insurance starting later in 2018.

Source: Slice Labs

Topics InsurTech AXA XL Funding