Slice Labs, an on-demand insurance startup, has raised $20m in an extended Series A round.
The investment was led by The Co-operators, with participation also coming from XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Veronorte, the investment arm of Grupo Sura, and JetBlue Technology Ventures.
Through this new financing line, the company’s total Series A capital pool sits on $31.6m.
Launched in 2016, the German company offers its insurance cloud services which enables insurers to implement on-demand insurance products. There are a number of global insurers utilising Slice Labs technology including its most recent clients to deploy its solution XL Catlin, Legal & General and The Co-operators.
The platform uses machine learning, data analytics and behavioural science in a subscription model. This includes API-based pricing, rating, licensing, claims process and automated underwriting.
Through this equity injection, Slice Labs will look to capitalise on the rising global demand for its insurance services. According to the company’s website, it is currently in the process of developing insurance products for the cybersecurity space.
The Co-operators president and CEO Rob Wesseling 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.”
The company previously raised an undisclosed investment from Munich Re in 2016.
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