Slice, the insurance platform created for the growing on-demand economy, released their first product today. It is currently only in the invite-only stage, but this is a big step towards a full public release. Their homeshare insurance product caters to people who use homesharing platforms like AirBnB, HomeAway, Flipkey, and OneFineStay.
Coming off of $3.9 million in funding, Slice created a platform that provides insurance for people who work in on-demand economies. Essentially, Slice provides insurance when, and only when, you need it. Instead of paying for insurance 24/7, you only pay, and are only covered, when others are using your service. Slice has big plans for their service to include other on-demand economies, but their first launch is specifically for homesharing services.
The service is designed to take much of the effort and friction associated with purchasing traditional homeowners insurance to cover the guests staying in your home. Slice lets homeowners automatically or with a simple couple of taps in the Slice app, apply insurance to protect both parties. “Many people working in the on-demand economy do not realize their risk and the fact that they’re simply not covered through conventional means,” said Ernest Hursh, Slice co-founder and Head of Sales and Marketing. “It is our mission to mitigate that risk and to provide the appropriate trust, safety and protection for these folks,” Ernest added.
The Homeshare product will act as your primary insurance, with no requirements to report claims to other insurers. There is no limit on the number of properties a homeowner can manage, with commercial liability coverage of up to $2 million. By acting as your primary insurance during the time of rentals, it allows Slice to make sure everyone is getting treated fairly and gives authority to Slice to make sure everything is handled correctly.
“As a digital insurer it was important for us to have full underwriting and claims authority so that we could completely re-imagine the homeowner insurance experience,” said Tim Attia, CEO of Slice. “We redesigned the claims experience to one that we would want for ourselves – easy, transparent, intuitive and frictionless,” Tim added.
Currently in the invite-only stage, the Homeshare product is rolling out in Des Moines and Iowa City. It will continue to add additional cities across the United States.
Slice was founded in 2015 and headquartered in New York City. Find out more about Slice through their blog.
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