An interesting new insurtech with the tagline "Insurance Corrected" has come to California, and offers on-demand, short-term insurance for the sharing economy. Slice has been welcomed by the CA Department of Insurance in a recent press release from the state agency, and offers insurance for home-sharing (Airbnb, etc), ride-sharing (Uber, Lyft, etc.) "and more". We think this is a brilliant idea and an innovative new entrant into the insurtech segment, and we're certain that they'll roll out to other states in due time.
(Cindy Taylor/FintekNews)
"Airbnb and other homeshare hosts now have a new insurance option with Slice Insurance Technologies, an insurtech company offering on-demand, short-term insurance coverage. The California Department of Insurance welcomes Slice to the California marketplace today, as a surplus lines broker. The emerging trend of insurance and technology has brought about insurtech which includes any insurance-focused business that is using technology to drive change in the industry.
"This start-up is offering an innovative product to the California market, giving consumers the opportunity to purchase a product designed to meet their unique coverage need," said Insurance Commissioner Dave Jones. "We continue to encourage insurers to develop new products that fulfill the demands of a technology-driven economy. The department welcomes Slice to the California market and looks forward to more start-ups and traditional companies filing products in the future."
Slice is offering a new type of insurance product specifically designed for homeshare hosts, with policies that are usage-based. Typical homeowner insurance policies may not cover losses or liability when homeowners use their home or property as a short-term rental or business. Homeowners should carefully read their policies, ask their insurer, or contact the department if they have a question about their policy.
"Slice is the first entirely digital platform providing on-demand insurance for the on-demand economy at the tap of a smartphone," said Michael Fitzgibbon, Vice President and Chief Underwriting Officer of Slice. "Homeshare hosts only pay for coverage when they want it and for how long they want it—be it one day or six weeks!"
As the sharing-economy continues to grow, more companies are creating products that meet the changing demands of the market. More emerging companies are offering customized policies that meet each individual's needs for coverage, with many developing products or business models focused on the on-demand market, which offers coverage for TNCs and homesharing platforms, such as Airbnb."
Source: Insurance.ca.gov