Slide, a full-stack homeowners InsurTech, has closed an oversubscribed $100m Series A funding round.
The round was led by Gries Investment Funds and Tampa Bay Ventures. Skyway Capital Markets served as placement agent.
The funding will allow Slide to accelerate the development of its data-driven technology and operations.
Slide’s technology leverages an immense dataset to power new advances in artificial intelligence and machine learning for modern homeowners, who can then create bespoke insurance policies that fit their needs and budget, Slide said.
Bruce Lucas, the company’s CEO, said that traditional industries are being disrupted by modern technology, but the insurance industry has been slow to adapt. “As an industry insider, I have a deep understanding of where technology can be leveraged to enhance the user experience while maximising profitability, something I rarely hear mentioned in the InsurTech industry. Investors saw the future in my vision and the response was overwhelmingly positive.”
Behind the platform is a big data set with a total insured value in excess of $3trn – this is significantly larger than any P&C InsurTech competitor, according to Slide. Combined with annual data feeds, Slide said it will have an insurmountable big data advantage over its competition.
“Big data is the key to our technological advantage. It is impossible to have credible artificial intelligence and machine learning without it. Not only can we make better underwriting decisions, we can provide more options for the consumer. Modern consumers expect more, even from insurance, and Slide is primed to deliver”, said Lucas.
Slide will make its debut in the homeowners and commercial residential insurance marketplace in 2022.
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