Slice launches new AI-powered solution to improve risk assessments

On-demand insurance startup Slice Labs has launched its new AI solution which helps companies to improve risk assessments.

Slice Mind is an insights solution which helps with personalisation, experimentation, simulations, predictions, risk modelling, and product recommendations. The platform combines AI, machine learning and behavioural psychology to transform data into actionable insights to better prepare for the future.

The new service will be available to both Slice Insurance Cloud Services (ICS) users and the general public. Its solution will help companies and their customers will be netter protected against risk through its ability to predict potential claims.

Slice co-founder and CEO Tim Attia said, “A big part of Slice ICS is the data analytics, scoring and machine learning that drives our underwriting and claims. The feedback we’ve received from customers tells us there is an increasing need for carriers to effectively use data to predict risk.

“We want to allow carriers to focus on developing new and innovative products, so we’re launching Slice Mind to help them make smart decisions and solve the industry’s seemingly impossible problems based on the data insights and predictive analytics the tools provide.”

Earlier in the month, Nationwide formed a partnership with Slice to create an on-demand insurance solution for ride-share drivers. The new service will help give better protections and coverage for independent drivers for companies like Uber and Lyft.

Last year, Slice was hand-selected by a panel of experts for the debut InsurTech 100 list. The list is filled with the companies which all financial institutions and major players in the field need to know about.

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