The Co-operators Group has launched a new digital insurance product powered by Slice Insurance Cloud Services (ICS) platform.
Image: Co-operators rolls out new digital insurance product. Photo: courtesy of Glenn Carstens-Peters/Unsplash.
Within two months of announcing the intention to create a new digital insurance arm in the 70+-year old business, The Co-operators has launched its first digital insurance product for hosts using homesharing platforms like Airbnb, HomeAway and VRBO.
The new product costs an average of $8 CAD per night and provides coverage for the full replacement cost of a home and it’s contents, plus an additional 15 coverages specific to homesharing including infestation, liquor liability, vandalism, loss of income, and more.
The Co-operators Group president and CEO Rob Wesseling said: “I cannot think of a time in the Canadian insurance industry where an entirely new product has been built within two months of announcing intention to create a product from scratch.
“This is the power of Slice ICS, as even a year ago this type of innovation was not in our traditional insurance product roadmap. We now have the flexibility and speed to solve new insurance problems facing Canadians without worrying about disappointing our customers due to yesterday’s slower insurance product development times.”
The new insurance is different from other Canadian homeshare insurance products because it does not follow the traditional application and underwriting process for homeowner policies.
The Co-operators product is powered by Slice ICS, providing a simple and fast application process, AI-powered claims processing, and comprehensive cybersecurity protection of homeshare host and insurer information.
Slice Labs CEO Tim Attia said: “We congratulate The Co-Operators on the launch and look forward to seeing what other new digital insurance products they develop in the future.
“This is further validation of how easy and fast it is to for insurers in any country to create new on-demand insurance products in the cloud.”
Source: Company Press Release