Cloud services provider Slice Labs has raised an additional $20 million that it will use to expand its cloud services for on-demand insurance products globally.
The Series A funding round was led by The Co-operators with participation from XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Veronorte, the investment arm of Grupo Sura, and JetBlue Technology Ventures.
The companyâ€™s Insurance Cloud Services (ICS) enables insurers to quickly test and deploy on-demand insurance products.
In addition to being a service for insurers wanting to offer on-demand products, ICS is also the base for Sliceâ€™s own digital insurance products serving the new economy.
Slice launched its first on-demand insurance product offering to homeshare hosts on platforms such as Airbnb and Homeaway in October 2016. it has also been testing a rideshare insurance product.
Last year, Slice Labs raised $11.6 million, led by XL Innovate, for its on-demand products and cloud services offering.
Early this year it began offering its platform to other insurers.
â€śThe 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,â€ť said Tim Attia, CEO of Slice.
Its ICS customers currently include XL Catlin, Legal & General and The Co-operators. XL is using it to offer an on-demand cyber insurance product for U.S. small and medium-sized business.
The Co-operators is a Canadian multi-line insurance group. Legal & General is a UK-based life insurance and retirement services provider.
â€śAs the digital economy expands, Sliceâ€™s unique platform and approach will enable innovative, agile and needs-based insurance solutions for a rapidly changing world,â€ť said Rob Wesseling, president and CEO of The Co-operators.