April 14, 2016
Today’s economy has led people into finding a way to create their own jobs. With the appearance of on-demand services, such as Airbnb, Uber, or others, many people have decided to take advantage of the opportunities brought by on-demand jobs, that gave them a way to earn decent salaries and work at their own pace.
However, working like this has some downsides. Workers are using their own assets, such as their cars or houses, and lack the protection that is typically assured by a company. This causes most on-demand workers to be uninsured or underinsured because most insurance options can be too confusing and costly.
Slice is an insurance startup that provides these workers with better insurance – all on-demand and on a pay-per-use base. It’s a more cost-effective insurance option compared to what the market currently offers, and way more easy to use and to acquire.
The company has recently secured $3.9 million in funding from Horizon Ventures and XL Innovate, and fills the gap left by the existing insurance solutions that don’t recognize the unique needs of the on-demand economy. Mainly: that these individuals can, at one point, simply be working on as a side gig, but then turn into a full-fledged personal business. But do companies like Airbnb and Uber provide insurance already?
“The only thing bigger than the on-demand economy is the risk,” said Slice cofounder and head of sales and marketing, Ernest Hursh.
They do but, according to Tim Attia, cofounder and CEO, it’s not enough and still leads to too much risk. A good example is Uber’s coverage, that changes according to the ride moment the driver is in, and expects the driver to have his own insurance policy.
With this in mind, Slice offers a better insurance alternative for on-demand works, one that brings reduced risk for all parties involved, complies with all government mandated insurance requirements and has costs that go in line with the revenue of companies and workers participating in the on-demand economy.
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