NEW YORK--(BUSINESS WIRE)--Slice Labs Inc. (Slice), a leading insurance cloud platform provider announced today that Insurance Cloud Services (ICS) customer, The Co-operators Group, has officially launched its new digital insurance product duuo by Co-operators™, an on-demand, pay-per-use homeshare insurance product.
Within two months of announcing the intention to create a new digital insurance arm in the 70+-year old business, The Co-operators has launched its first digital insurance product for hosts using homesharing platforms like Airbnb®, HomeAway® and VRBO®. The new product costs an average of $8 CAD per night and provides coverage for the full replacement cost of a home and it’s contents, plus an additional 15 coverages specific to homesharing including infestation, liquor liability, vandalism, loss of income, and more.
“I cannot think of a time in the Canadian insurance industry where an entirely new product has been built within two months of announcing intention to create a product from scratch,” said Rob Wesseling, President and CEO of The Co-operators Group Limited. “This is the power of Slice ICS, as even a year ago this type of innovation was not in our traditional insurance product roadmap. We now have the flexibility and speed to solve new insurance problems facing Canadians without worrying about disappointing our customers due to yesterday’s slower insurance product development times.”
The new insurance is different from other Canadian homeshare insurance products because it does not follow the traditional application and underwriting process for homeowner policies. The Co-operators product is powered by Slice ICS, providing a simple and fast application process, AI-powered claims processing, and comprehensive cybersecurity protection of homeshare host and insurer information.
“We congratulate The Co-Operators on the launch and look forward to seeing what other new digital insurance products they develop in the future,” said Tim Attia, CEO of Slice Labs. “This is further validation of how easy and fast it is to for insurers in any country to create new on-demand insurance products in the cloud.”
About The Co-operators Group:
The Co-operators is a Canadian insurance and financial services co-operative with more than $41 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights' Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.
Slice Labs is a leading on-demand insurance cloud platform provider that empowers insurers to deliver new value to customers through direct insurance or insurance agent models without investing in infrastructure to provide customized on-demand, pay-as-you-go insurance products. The Slice Insurance Cloud Services platform (ICS) is powered by machine learning and advanced big data technologies along with Ph.D. behavioral science expertise. ICS is the foundation for new digital insurance products being released globally by top insurers, and is also the base for Slice’s own digital insurance products serving the new economy. Slice operates in the U.S., Canada, and the U.K. To stay up to date with Slice, visit http://www.slice.is and follow @SliceLabs on Twitter.
duuo™ and duuo by co-operators™ are trademarks of The Co-operators Group Limited. Insurance products and services branded duuo by co-operators™ are offered by Co-operators General Insurance Company (CGIC).
Airbnb® is a registered trademark of Airbnb, Inc.
VRBO® is a registered trademark of HomeAway.com, Inc.
HomeAway® is a registered trademark of HomeAway.com, Inc.
Reference to these home sharing platform providers is by way of example only and is not an endorsement of The Co-operators, duuo by co-operators™ brand, Slice Labs Inc., or their respective products or services.