Slice Labs Inc, the first company in the U.S. to offer cloud-based on-demand insurance, announced today that XL Catlin is creating the world’s first on-demand cyber insurance solution for U.S. small and medium-sized business (SMBs) and built on the Slice Insurance Cloud Services™ (ICS) platform. XL Catlin is the third large insurer to use ICS since Slice launched the platform in January of 2018.
“SMBs must contend with the same cyber issues as large corporates,” said John Coletti, XL Catlin’s Chief Underwriting Officer of Cyber & Technology in North America. “Unfortunately, they often do not have dedicated IT teams and the same information security resources that larger companies have. We’ve partnered with Slice to transform cyber insurance – making it easy to buy and simple to understand for them – with the ultimate goal of protecting SMBs from the potentially devastating impact of a cyber-attack.”
According to Greg Hendrick, president of XL Catlin’s Property & Casualty operations, “Slice's ICS platform gives us the speed to market, scalability, and reliable on-demand experience that will empower our clients to move faster and more confidently knowing digital assets are protected by innovative technology, insurance, and claims processes.”
The ICS platform enables XL Catlin to take a more holistic and advanced approach to cyber protection. The new cyber solution will include services designed to help clients best prepare for cyberattacks. The subscription and usage-based cyber solution will be available on-demand for SMBs. The product will use artificial intelligence to deliver real-time alerts to customers and enable them to better manage their risk postures.
“The new economy is not only on-demand but it is heavily dependent on protecting technology assets due to the rapidly changing landscape of cybersecurity threats,” said Slice CEO Tim Attia. “Insurers are no longer in a position where they need to suspend or delay an idea for lack of technology or financial resource contracts. The beauty of the ICS platform is that any insurer can create a new line of business within three months of finalizing the vision for a new service.”
“We are very excited to partner with Slice to deliver new digital end-to-end products for our customers at XL Catlin,” said Lauren Tennant Pollock, Digital Distribution Lead and Partner with Accelerate, XL Catlin’s internal disruption and innovation team.
“By being forward-thinking and agile, our intent is to meet our customers where they are and deliver cyber products and risk management services in a differentiated way. With Slice, we will be able to design our SMB Cyber product alongside of the customer, putting their needs and preferences first, to ultimately deliver a product that is simple, transparent, and of value to our clients.”
The ICS platform delivers through a low-cost monthly subscription without complex contracts or implementation costs.
Slice Labs positions the gig economy for opportunity, prosperity, and sustainability with the first on-demand insurance product launched in the United States. Slice Insurance Cloud Services (ICS) enables large insurers to deliver new value to loyal consumers through direct insurance or insurance agent models without the need to invest in the infrastructure to deliver customized on-demand insurance products.
Slice on-demand insurance and ICS solutions are supported by advanced big data and machine learning technologies along with Ph.D. behavioral science expertise, and over 100 years of combined insurtech experience on the Slice leadership team. Slice also operates in Canada, and the U.K.