Tim Attia, co-founder and CEO of Slice Labs, reported there is “a ticking time bomb” threatening the on-desire economy — namely, insurance plan and liability. Attia’s tackling that trouble with Slice, which will offer insurance plan for on-desire personnel and vendors, starting up with rideshare motorists and then homeshare hosts. The startup is saying today that it has raised $3.nine million in seed funding from Horizon Ventures and XL Innovate. Do not corporations like Uber and Airbnb supply insurance plan by now? They do, but Attia (who’s expended far more than a 10 years in the insurance plan field) argued that there is even now a important total of chance. For case in point, Uber’s protection changes dependent on the place the driver is in the procedure (heading on line versus accepting the trip versus starting up the ride), with the expectation that the driver will have their have individual or business policy. He also reported Uber’s policy is in Uber’s identify, not the driver’s, which could guide to lawful problems. “I’m not picking on Uber and Airbnb — it’s the only factor they can do,” Attia reported. Slice, on the other hand, aims to offer new forms of insurance plan merchandise made for on-desire personnel. These merchandise will be out there on a transactional foundation — so a ridesharing driver really should be protected from the instant they get started driving or get into the automobile, but they’re only paying for protection through the time that they’re doing work (building it far more cost-effective than just using out a expensive business insurance plan policy). Technically, a further organization is giving the genuine insurance plan, but it sounds like Slice is performing most of the genuine get the job done. “Our merchandise — we selling price it, we situation it, we invoice, we control statements, but we’re not using chance,” Attia reported. “We’re creating on somebody else’s policy, on somebody else’s paper. We’re performing almost everything an insurance plan company does minus the investing.” Attia plans to launch Slice’s initially merchandise in June. Even although Slice is dependent in New York City, Attia reported he’s even now determining the place to offer protection initially. He also hopes to get the job done with on-desire companies to offer Slice insurance plan through the service’s indicator-up procedure. He added that around time, Slice can use knowledge to make improvements to its merchandise and pricing, for case in point deciding no matter whether “an uberX behaves far more like a particular person for the reason that it’s their automobile, or if they behave far more like a taxi.”
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Tim Attia, co-founder and CEO of Slice Labs, reported there is “a ticking time bomb” threatening the on-desire economy — namely, insurance plan and liability.
Attia’s tackling that trouble with Slice, which will offer insurance plan for on-desire personnel and vendors, starting up with rideshare motorists and then homeshare hosts. The startup is saying today that it has raised $3.nine million in seed funding from Horizon Ventures and XL Innovate.
Do not corporations like Uber and Airbnb supply insurance plan by now? They do, but Attia (who’s expended far more than a 10 years in the insurance plan field) argued that there is even now a important total of chance.
For case in point, Uber’s protection changes dependent on the place the driver is in the procedure (heading on line versus accepting the trip versus starting up the ride), with the expectation that the driver will have their have individual or business policy. He also reported Uber’s policy is in Uber’s identify, not the driver’s, which could guide to lawful problems.
“I’m not picking on Uber and Airbnb — it’s the only factor they can do,” Attia reported.
Slice, on the other hand, aims to offer new forms of insurance plan merchandise made for on-desire personnel. These merchandise will be out there on a transactional foundation — so a ridesharing driver really should be protected from the instant they get started driving or get into the automobile, but they’re only paying for protection through the time that they’re doing work (building it far more cost-effective than just using out a expensive business insurance plan policy).
Technically, a further organization is giving the genuine insurance plan, but it sounds like Slice is performing most of the genuine get the job done.
“Our merchandise — we selling price it, we situation it, we invoice, we control statements, but we’re not using chance,” Attia reported. “We’re creating on somebody else’s policy, on somebody else’s paper. We’re performing almost everything an insurance plan company does minus the investing.”
Attia plans to launch Slice’s initially merchandise in June. Even although Slice is dependent in New York City, Attia reported he’s even now determining the place to offer protection initially. He also hopes to get the job done with on-desire companies to offer Slice insurance plan through the service’s indicator-up procedure.
He added that around time, Slice can use knowledge to make improvements to its merchandise and pricing, for case in point deciding no matter whether “an uberX behaves far more like a particular person for the reason that it’s their automobile, or if they behave far more like a taxi.”