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Slice Labs to help Co-operators launch new digital insurance brand in Canada

Published 20 July 2018

The Co-operators has signed an exclusive agreement partnership with insurtech firm Slice Labs to leverage the latter’s Slice Insurance Cloud Services (ICS) platform to launch a new digital insurance brand in Canada.

In an exclusive arrangement with Slice ICS, The Co-operators will create new insurance products to meet growing customer needs for easy, on-demand insurance solutions that satisfy 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.

The duuo by Co-operators brand reflects The Co-operators commitment to working together with clients to provide peace of mind in a way that is easy, fast, fair and affordable – a commitment made possible through the Slice platform.

The Co-operators Group president and CEO Rob Wesseling said: "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.

"Our new business partnership with Slice is the 21st century version of this mindset, it will allow us to meet the underserved insurance needs of Canadians participating in a highly innovative digital economy.

“Our shared vision of ensuring that everyone can be protected with the most intelligent and customized insurance possible makes this partnership very exciting."

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.

Slice Labs CEO Tim Attia said: "Consumer expectations continue to evolve in Canada alongside rapid technology advancement.

"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. ICS makes it easy to quickly integrate, deploy and test insurance products that offer deeper customer engagement through advanced cloud technology.

ICS helps insurers build new on-demand insurance products and services without having to invest in costly IT infrastructure upgrades in order to become a digital insurer. ICS delivers through a low cost monthly subscription without complex contracts or implementation costs.

Source: Company Press Release