On-demand insurance for the on-demand economy Slice
Slice Labs, Inc. is an insurtech startup providing the world’s first on-demand, one click, pay-per-use insurance platform for the on-demand economy.
Launch date: 2017
Keywords: Insurance Products & Services, Offer/Pricing, Online Insurance
Slice is an insurtech startup company founded on the principle that technology should drive the insurance transaction and insurance should be sold on a per-use basis (on-demand) in a frictionless manner using a platform and an app for a one click buy.
Workers in the on-demand economy are using their assets and no longer have the business protection typically provided by the firm, exposing themselves to an immense amount of risk. Traditional insurance is too costly, since it assumes the worker is engaged full time, does not provide sufficient coverage, or, is too difficult and time consuming to acquire.
Since this traditional model no longer works in the on-demand economy, Slice’s mission is to reimagine insurance, providing an on-demand pay-per-use insurance product. Given that the policies are short lived (in many cases for minutes only) and done on-demand in real time, one can imagine customers (drivers, hosts, servicers, etc.) will realize that buying insurance in this manner allows them the ultimate freedom of choosing how, when, and why to work since they no longer are burdened with one of their largest risks. In addition, the folks engaging in the on-demand economy will have the proper protection for when operating as a business and will buy insurance coverage in the manner they earn their income; on-demand and for that period.