It follows news of L&G reportedly selling off its entire general insurance arm

Legal and General (L&G) has become Slice Insurance Cloud Services’ (ICS) very first customer in the UK as it launches here and in the EU.

It is part of Slice ICS’s plan to extend its global availability.

And will afford both UK and EU insurers the ability to subscribe to the cloud service.

The news follows a $20m cash injection which the New #York based cloud platform provider secured in extended Series A funding.

Meanwhile L&G are reportedly selling off its entire general insurance arm for £300m, according to Sky News.

It is unclear what this potential sale means for the cloud services provider.

Insurance Times contacted L&G but it declined to comment. 

New cover

Slice ICS has introduced a fully digital on-demand, pay-per-use home share cover for customers through its platform.

Tim Attia, chief executive at Slice Labs, said: “The customer appetite for on-demand, pay-as-you-go service models transcends borders due to the continual advancement of big data and AI technologies.

“We are bringing the power of these technologies to European insurers in order to deliver more sustainable value to the insured in any demographic and market.”

The platform was originally launched in January 2018.

Slice ICS previously partnered with four global insurance carriers to test and deploy its own on-demand insurance products, in the homeshare and cyber insurance market.

Dr Robin Kiera, chief executive at DigitalScouting and European insurtech influencer added: “Digital transformation leads to internationalisation.

“Not only of insurers but also of successful insurtech start-ups expanding across the Atlantic. In Europe we are seeing increased use cases of collaboration and co-creation between insurtech start-ups and incumbents. We see Slice as an enabler expanding in new markets.”

In October Slice teamed up with AXA XL to launch a new cyber policy aimed at SMEs.