UK’s Legal & General Seals Deal to Bring Slice Lab’s On-Demand Insurance Platform Overseas

February 20, 2018 by Mark Hollmer

Slice Labs, a New York-based developer of on-demand insurance, has expanded overseas for the first time through a new partnership with the venerable UK carrier Legal & General.

Their initial agreement calls for Legal & General to use Slice’s Insurance Cloud Services platform to market on-demand homeshare insurance for Airbnb, Homeaway, OneFineStay and related customers. Other products will follow.

Slice disclosed in January that it had begun licensing use of the platform it created for on-demand, pay-per-use insurance to outside insurers and startups. A Slice spokesperson confirmed that its partnership with Legal & General is the company’s first overseas deal announcement.

“Customers who share their homes such as through Airbnb want to buy insurance quickly and easily and when they need it,” Cheryl Agius, CEO of Legal & General’s Insurance division, said in prepared remarks. “This insurance proposition is part of our strategy to continue to transform insurance with data and technology-led [products] that enhance customers’ experience.”

Slice Labs CEO Tim Attia said that the UK homeshare market has a significant untapped need for on-demand insurance.

“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,” Attia said in a prepared statement. “We view this initial project as a gateway to the development of other on-demand and more traditional insurance products.”

Old and New Unite

Slice Labs’ partnership with Legal & General is very much a teaming of old and new. Legal & General, launched in 1836, has more than $1 trillion in assets, including derivative assets, and over 9.5 million customers in the UK focused on its general insurance, investments, pensions and life assurance products. Slice Labs, on the other hand, is one of the insurance world’s newer companies, founded in October 2015. It announced in March 2016 an initial $3.9 million of seed funding from XL Catlin’s XL Innovate and Horizon Ventures. Tusk Ventures is also a backer. A subsequent $11.6 million financing announced in October 2017 is fueling the company’s expansion and marketing of its platform.

Slice Labs initially rolled out its first on-demand insurance product for homeshare hosts in October 2016 in the U.S., a commercial policy that can be purchased via app or online. It covers the time period hosts rent their home—a day, week or other length of stay. The company also offers pay-per-use rideshare insurance. Munich Re underwrites coverage purchased on Slice’s platform via a national platform.

Source: Slice Labs/Legal & General