1 June 2017Insurance

Munich Re-backed insurtech launches 'on-demand' insurance

US-based insurtech platform Slice Labs has launched its on-demand homeshare insurance product across 13 states.

Slice is backed by Horizons Ventures, XL Innovate, Munich Re and Tusk Ventures, and is headquartered in New York City.

The new product's coverage includes $2 million in commercial liability, full replacement of the property and a few other coverages that address hosts’ key exposures while renting their homes, such as theft, infestation, breakage of valuables, and loss of income. Coverage turns on and off in sync with bookings so costs align with revenue, the company said.

Slice stated that it has received regulatory license approval across the US with states embracing and welcoming the new insurance model. It added that the company ensures a secure revenue stream to offset expenses so people aren’t putting their livelihood at risk.

Tim Attia, CEO and co-founder of Slice, commented: "As the first company to offer on-demand insurance without an application or any of the traditional bureaucracies, we are beyond pleased with the smooth launch and rollout to these thirteen key states. We could not have done it without the valued partnership with insurance regulators. It’s nice to see how many people understand and see the need for this kind of insurance disruption."

According to the statement, the 13 states the insurtech company is targeting had over 27 million homeshare bookings and over $5 billion in homeshare revenue in 2016 alone with an average nightly rate of $162 across the states—Colorado having the highest average nightly rate at $238.

Today’s stories

Guy Carpenter hires Gen Re exec to bolster European operations

Swiss Re duo to lead new business unit at Dale Underwriting

European financial regulator warns on letter-box entities over Brexit relocation

VIG Re plans to expand in Germany, enter new European markets

Chubb appoints Liberty Mutual SVP as head of casualty claims in US

Insurtech Trace Isys appoints new CEO

Lockton hires from Marsh unit to expand benefits practice

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
19 February 2018   UK's life and general insurance provider Legal & General (L&G) has partnered with US-based insurtech start-up Slice Labs to roll out ‘on-demand’ homeshare insurance.
News
5 July 2017   Germany-based Munich Re has appointed Maximilian Zimmerer to its supervisory board, succeeding Peter Gruss who has resigned from the position with effect from June 30, 2017.
Insurance
20 June 2017   The insurance sector is accepting that disruptive technologies will transform the way the industry has been operating over the past decades. As a consequence, traditional insurers have decided that the only way to avoid a shrinking business is to take action and get involved with the thriving insurtech start-up industry through cooperation and M&A.