Munich Re, XL Catlin-backed insurtech Slice launches new AI-powered tool to predict risk

US-based insurtech platform Slice Labs has launched a new business unit, called Slice Mind, that combines artificial intelligence (AI), machine learning and behavioural psychology to predict insurance risk and make recommendations.

Slice Mind is said to be powered by an insight engine that will help companies with personalisation, experimentation, simulations, predictions, risk modelling, and product recommendations.

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

“A big part of Slice ICS is the data analytics, scoring and machine learning that drives our underwriting and claims. The feedback we’ve received from customers tells us there is an increasing need for carriers to effectively use data to predict risk," said Tim Attia, Slice co-founder and CEO.

He added: "We want to allow carriers to focus on developing new and innovative products, so we’re launching Slice Mind to help them make smart decisions and solve the industry’s seemingly impossible problems based on the data insights and predictive analytics the tools provide.”

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