Slice Labs Inc., a U.S. company offering cloud-based on-demand insurance, has partnered with XL Catlin to offer an on-demand cyber insurance product for U.S. small and medium-sized business (SMBs) built on the Slice Insurance Cloud Services (ICS) platform.
The ICS platform will include services designed to help clients best prepare for cyberattacks. The subscription and usage-based cyber product will be available on-demand for SMBs. The product will use artificial intelligence to deliver real-time alerts to customers so they can better manage their risk postures.
The ICS platform delivers through a monthly subscription without contracts or implementation costs.
XL Catlin is the third insurer to use ICS since Slice launched the platform in January of 2018. Slice originally launched its cloud-based insurance service in 2016. It uses algorithms and data to lower the cost of issuing policies, increase automation around claims, and reduce claims fraud and loss. The Slice platform is a fully-operating insurance entity that includes pricing, ratings, licensing, underwriting, servicing and capacity. The company has used its technology to directly insure homes for homesharing and has been testing a product for ridesharing.
Last October, Slice announced it was looking to sell its platform directly to large carriers globally and had secured $11.6 million in new funding led by XL Innovate, with participation from Horizons Ventures, Munich Re / HSB Ventures, SOMPO, Plug and Play, and Tusk Ventures.
In February the company told Insurance Journal’s sister publication Carrier Management that it had also started offering use of the platform it created to outside insurers and startups seeking to launch new products.
“We’re renting our digital insurer [infrastructure] to other carriers or other companies that want to be insurers, that want to embed insurance in their products,” Slice co-founder and CEO Tim Attia said. “We’re providing them a turnkey insurer.”
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.
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