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 company‚Äôs 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 Slice‚Äôs 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.
‚ÄúThe 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,‚ÄĚ 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.
‚ÄúAs the digital economy expands, Slice‚Äôs unique platform and approach will enable innovative, agile and needs-based insurance solutions for a rapidly changing world,‚ÄĚ said Rob Wesseling, president and CEO of The Co-operators.