Slice Labs and AXIS Insurance Collaborate to Bring Home Based Business Insurance to Small Businesses
October 27, 2020 at 11:15 AM EDT
Slice Labs Inc., a technology startup with the first on-demand insurance platform, has created an alliance with AXIS Insurance to distribute AXIS Home Based Business insurance to help protect small businesses. AXIS Insurance is the specialty insurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS).
Home-based businesses comprise more than 50% of all small businesses in the United States. Traditional homeowners’ insurance policies are not designed to cover commercial claims, leaving home-based business owners exposed. AXIS Home Based Business insurance is designed to fill that gap by covering common small-business risks like general liability, professional liability, property, cyber and crime.
The alliance with Slice allows AXIS to build its own unique offering on the Slice Insurance Cloud Services platform, and leverage digital distribution from Slice to offer an intelligent and on-demand digital insurance product. The goal is to distribute the product through an omni-channel distribution model that includes MGAs, retail agencies, platforms and other digital distribution channels.
Slice CEO and Co-founder, Tim Attia, said, “Now, more than ever, protecting small businesses with comprehensive insurance is crucial. We’re pleased to work with AXIS on product development and distribution leveraging our Insurance Cloud Services platform. It’s a digital experience for a simplified customer journey with on-demand protection.”
“Our commitment is to distribute a product that provides home-based businesses with a customized policy unique to each customer,” said Jill Bryant, Head of Small Specialty Commercial at AXIS. “Today’s customer expects the insurance buying process to be as streamlined as purchasing other online products, and Slice’s innovation provides customers with that experience. We are impressed with Slice’s omni-channel distribution capabilities and its customer-first design approach.”
About Slice Labs:
Slice Labs Inc. is the insurance engine behind tomorrow’s cloud-based, on-demand digital services ecosystems for the new economy. Through the Slice Labs Insurance Cloud Services (ICS) platform, Slice Labs is enabling insurers, technology companies, and other service providers to build truly intelligent and intuitive, usage based digital insurance products protecting the insured anytime and anywhere. To stay up to date with Slice, visit https://www.slice.is and follow @SliceLabs on Twitter.
About AXIS Insurance:
AXIS Insurance – the insurance business segment of AXIS Capital Holdings Limited (NYSE:AXS) – provides Property & Casualty, Professional Lines, Terrorism, Marine, Renewable Energy, Aviation, Credit & Political Risk, Environmental, Accident & Health coverages and other customized insurance solutions. Our products are offered through our distribution partners, which include wholesale brokers, retail brokers and designated managing general agents/underwriters (“MGAs”/”MGUs”) in the U.S. and abroad. Coverages are backed by the financial strength and security of the AXIS Insurance Companies, rated “A+” (Strong) by Standard & Poor’s, and “A” (Excellent) by A.M. Best.
About AXIS Capital:
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at June 30, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.