July 19, 2018
The Co-operators has entered into an agreement with insurtech company Slice Labs Inc. (Slice) to leverage the Slice Insurance Cloud Services (ICS) platform to launch The Co-operators new digital insurance brand in Canada.
Using the Slice ICS platform, The Co-operators will create new insurance products to meet growing demand for on-demand insurance solutions that tailored to emerging digital economies. Launching later this summer under the brand name duuo by Co-operators, the first product will provide pay-per-use homeshare insurance underwritten by Co-operators General Insurance Company, for hosts using home sharing platforms like Airbnb, HomeAway and VRBO.
“We were founded in 1945 by a small group of farmers and social pioneers who found that their needs were not met by traditional insurance offerings, so they found a new way of protecting their financial security in a time of need,” said Rob Wesseling, President and CEO of The Co-operators Group Limited. “Our new business partnership with Slice is the 21stcentury version of this mindset, it will allow us to meet the underserved insurance needs of Canadians participating in a highly innovative digital economy.”
According to the company, The Co-operators selected Slice as its insurtech solutions provider because of the ability to develop customized digital insurance products with exceptional customer experiences. Through this partnership Slice will provide The Co-operators with an agile, flexible platform using artificial intelligence and analytics capabilities to create non-traditional on-demand insurance products for customers, says the company.
“Consumer expectations continue to evolve in Canada alongside rapid technology advancement,” said Tim Attia, CEO, Slice Labs Inc. “Our business partnership has the potential to continue to foster change in Canadian lives on the scale of what The Co-operators first achieved over 70 years ago, but at a faster rate due to Slice’s technology, which is also proudly developed by Canadians in Ottawa.”
Slice ICS is fully embeddable via API and includes pricing, rating, licensing, real-time and automated underwriting, servicing, and capacity, says the company.
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This story was originally published by Canadian Insurance Top Broker.