Slice Labs, an insurtech offering on-demand pay-per-use insurance for homeowners, has announced Series A funding of $11.6 million led by XL Group’s venture capital arm XL Innovate.

The startup, launched in 2016, leverages data algorithms to sell short-term policies to Airbnb and Homeaway customers via its cloud-based platform. Slice’s software additionally helps automates claims and reduces the frequency of fraud cases.

“We believe the on-demand platform and technology offered by Slice has immense potential to completely disrupt how insurance is bought and sold, not just within the sharing economy, but globally and across the board,” said Tom Hutton, managing partner at XL Innovate.

See also: What XL Innovate looks for in insurtech leadership

Tim Attia, Slice Labs
Tim Attia, Slice Labs

Slice is now looking to offer its platform to other carriers. According to CEO Tim Attia, insurers can easily integrate Slice’s platform to deploy insurance products for the new economy. The startup currently provides homeshare protection in 26 states across the U.S., covering 82% of the homeshare market. Its rideshare product, first announced in May remains in testing mode, Attia says.

“We couldn’t be more eager to accelerate our go-to-market strategy with the support of such a strong group of investors bringing their strategic and financial expertise to the table,” said Attia, in a statement. “This is critical as we move to the next phase in the development of the company, which will be to scale and show traction both in the direct market and through strategic partnerships.”

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