On-demand insurance set to explode
Published: February 24, 2018
Updated: July 24, 2018
Author: Luke Jones
Customers are used to on-demand services, whether in media streaming or ride-sharing. So, the concept of on-demand insurance will be increasingly welcomes by consumers and Slice Labs says this type of insurance is close to a breakthrough.
Insurance has been relatively slow to look to an on-demand solution, but with customer focus changing, the market is primed. Legal & General this week announced a collaboration with insurtech firm Slice Labs to enter the homeshare insurance market in the UK. Slice Labs is a start-up focused on delivering on-demand insurance solutions.
Cheryl Agius, chief executive of Legal & General’s insurance division, said some customer want insurance quickly and for when they need it. Agius cited Airbnb owners as typical target customers for on-demand insurance. The partnership with Slive will allow technology to continue “fundamentally changing the way people buy insurance,” Agius said.
The new solution comes after Allianz launched its own on-demand insurance earlier this month. Allianz debuted a pay-as-you fly product for drone users.
“We no longer need to make assumptions at the start of the year on how a customer is behaving, we can use big data to assess the risk on the spot at any time or place cover is needed,” Tom Chamberlain, underwriting manager for general aviation and aerospace at Allianz Global Corporate & Specialty SE said in a statement.