California welcomes insurtech startup Slice to the insurance market
News: 2017 Press Release
SACRAMENTO, Calif. — 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.
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- Slice is licensed to transact as an accident and health and casualty broker-agent, and surplus lines broker. The company was incorporated in Connecticut.
- Since January 2016, 38 new insurance companies have entered the California market.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.