Slice Labs disclosed it has pulled in another $20 million in venture financing, with plans to use the money to accelerate globalization of its platform that enables on-demand insurance.

The Co-operators Group Ltd., a Canadian insurance cooperative, led the round, which adds to $11.6 million in Series A financing raised almost a year ago. XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Veronorte, the investment arm of Grupo Sura and JetBlue Technology Ventures also participated in the company’s new cash infusion.

Slice Labs, in its announcement, said the money will help address “higher than planned global demand” for its Slice Insurance Cloud Services, or ICS.

Slice’s ICS platform is a fully operating insurance entity that can operate via app or online and includes pricing, ratings, licensing, underwriting, servicing and capacity. It relies on machine learning and advanced big data technologies along with Ph.D. behavioral science expertise.

The company launched in 2016, during which it 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. It also relies on the ICS platform technology that Slice now markets on its own.

Slice has also completed a pay-per-use rideshare insurance app.

Slice’s ICS platform is available in 50 states as of 2017, and the company started marketing it in January 2018, claiming significant global demand. Underscoring that, Slice said it has new customers including XL Catlin, Legal & General and The Co-operators.

“The ICS platform is rapidly growing as insurers increasingly realize the need to engage a cloud-based platform and the competitive edge a fully digital on-demand insurance offering provides,” Slice CEO Tim Attia said in prepared remarks.

Slice recently announced the hire of its chief growth officer, Philippe Lafreniere.

Source: Slice Labs