July 18, 2018 11:30
The Co-operators has signed an exclusivity agreement with the insurtech Slice Labs to develop several new insurance products on demand via a digital platform.
The first product will be launched by the end of the summer under the brand duuo Co-operators. It will also provide an insurance invoice to use for people who rent their property through platforms such as Airbnb, HomeAway , and VRBO.
Insurance Service on request
With this agreement, the Co-operators will use the platform for Insurance Cloud Services Slice. It is fully integrated via an application programming interface, and also provides for the pricing, licensing, automated underwriting, servicing and processing.
Slice specifies that insurers are able to create and deploy insurance products and services-on-demand «quickly» without having to invest in infrastructure of information technology is expensive to become an insurer digital.
In 2016, the German reinsurer Munich Re had entered into a similar partnership with Slice to launch a Web platform of insurance to the application.