Nationwide has partnered with on-demand insurance startup Slice Labs to create an on-demand insurance solution for drivers working for a transportation network companies (TNC).
The solution was designed with drivers from TNCs like Uber and Lyft, in mind, offering them tailored coverage at variable increments which align with the time they are driving for their rideshare platform. A user simply activates the coverage on the app, from the moment they start driving to when they stop their work, with cover available from minutes to multiple hours.
A planned launch for the service has been set for later in the year and is part of a wider goal of Nationwide to meet customer gaps. Other initiatives include helping people live more comfortably in retirement, meet financial and insurance needs in novel and digital ways, protect their data and digital assets, and protect the changing auto environment.
The insurer is also hoping to open a new innovation centre in Ohio later in 2019.
Slice Labs CEO Tim Attia said, “The rideshare market is a prime example of the benefits of providing on-demand services to consumers,” “The partnership with Nationwide is an important step in the evolution of the traditional auto product to meet the demands of future mobility solutions in an increasingly digital and on-demand world.”
Launched in 2016, Slice Labs is based in Germany and offers its insurance cloud services which enable insurers to implement on-demand insurance products. The platform uses machine learning, data analytics and behavioural science in a subscription model. This includes API-based pricing, rating, licensing, claims process and automated underwriting.
Last year, the InsurTech pulled in $20m in an extended Series A round, with the capital being earmarked for developing new policies in the cybersecurity space.
Nationwide has been active on the partnership front, having recently formed a deal with small business lender BlueVine.
The insurer also recently launched its own pay-per-mile auto insurance solution, SmartMilesSM. The service enables consumers to select different coverages for cars, such as one which is used for daily commutes and another used on weekends, with a policy which is based on the distance they drive.
Late last year, Slice was hand-selected by a panel of experts for the debut InsurTech 100 list. The list is filled with the companies which all financial institutions and major players in the field need to know about.
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