Munich Re, XL, Sompo invest $20m in insurtech Slice

US-based insurtech Slice Labs, which offers cloud-based on-demand insurance, has raised an additional $20 million in Series A funding to further expand its offering on a global scale.

The funding was led by Canada’s insurance cooperative 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 additional investment brings Slice’s total series A to $31.6 million.

The company said it will use the new financing to execute on the "higher than planned global demand" for Slice Insurance Cloud Services (ICS). Slice launched in 2016 with the aim to change, improve and redesign insurance. Earlier this year, Slice partnered with global re/insurer XL Catlin for its on-demand cyber insurance offering, and with UK's Legal & General (L&G) for on-demand homeshare insurance.

“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,” said Tim Attia, CEO of Slice. “This exceptional bench of new and returning investors will be a tremendous asset as we continue scaling our business and experimenting with the unmatched potential of digital insurance.”

Rob Wesseling, president and CEO of The Co-operators, said: “As the digital economy expands, Slice’s unique platform and approach will enable innovative, agile and needs-based insurance solutions for a rapidly changing world.”

“Through our partnership with Slice, we’re not only investing in a technology that enables us to stay on the leading edge of those solutions, we’re investing in our long-term ability to continue meeting the changing needs of our members and clients,” Wesseling added.

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