Slice Labs, a NYC-based on-demand insurance cloud platform provider, raised an additional $20m in Series A funding.
The round was led by The Co-operators with participation from XL Innovate, Horizons, Munich Re/HSB Ventures, SOMPO, Veronorte, the investment arm of Grupo Sura, and JetBlue Technology Ventures.
The company intends to use the funds to expand to continue expanding its offering on a global scale.
Launched in 2016 and led by Tim Attia, CEO, and Philippe Lafreniere, Chief Growth Officer, Slice Labs provides machine learning and advanced big data driven Insurance Cloud Services (ICS), an on-demand insurance cloud platform that allows insurers to launch new, on-demand, digital insurance products within weeks.
Its subscription model includes API-based pricing, rating, licensing, claims process and automated underwriting.
Customers include XL Catlin, Legal & General and The Co-operators.