Insurtech startup Slice Labs has launched an insurance product in the U.S. to support the on-demand economy.
Slice’s first product focuses on the home-sharing market—consumers renting their homes on websites like Airbnb and HomeAway, according to the company. Its policies will cover homeowners for the entire time travelers rent their home.
Slice's policies can be purchased online or via mobile app. Its new homeshare product has been released as a private beta to select hosts in Des Moines, Iowa and Iowa City, it said. Headquartered in New York City, Slice has received venture capital funding from Horizons Ventures, XL Innovate, and Munich Re since its formal incorporation in October 2015.
“Many people working in the on-demand economy do not realize their risk,” said Ernest Hursh, Slice co-founder and head of sales and marketing, in a statement. “It is our mission to mitigate that risk and to provide the appropriate trust, safety and protection for these folks.”
The insurtech startup was also recently named as a member of Plug & Play Insurance's first class of startups in its insurance-focused accelerator. The likes of Munich Re, Travelers, and USAA have partnered with Plug & Play on the initiative.
The startup’s next insurance product will be centered on ridesharing, according to the company. No further details have been disclosed.
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