Munich Re’s corporate venture capital arm is to partner with an insurtech start-up that is launching the first on-demand pay-per-use insurance platform, it was announced yesterday.
Munich Re / HSB Ventures will provide funding to Slice Labs – a start-up that was formally incorporated in October 2015 and has already received funding from venture capital firms Horizons Ventures and XL Innovate.
The move follows an announcement in July that Munich Re’s Digital Partners group would be working with Slice to provide backing for the company’s on-demand insurance products globally.
The additional funding from the insurer will support Slice’s upcoming product launch in the US.
“At Munich Re, our vision is to focus on evolving technologies and new insurance solutions for the future,” Jacqueline LeSage Krause, managing director of Munich Re / HSB Ventures, said.
“In response to the growing risk on-demand workers face in the sharing economy, Slice is providing novel insurance solutions. We are proud to enable Slice to offer these solutions in its first market and quickly expand them to markets around the world,” she added.
Slice CEO Tim Attia said that the investment and partnership would give the startup “additional resources to expand quickly and strategically into the market and to deliver on our vision globally.”
“We’re honored to work with a company with such a strong track record of partnering to craft inventive insurance solutions that cover emerging risks posed by technological change,” Attia added.
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