Slice Insurance Cloud Services (ICS) Platform

Today, consumers and business have become accustomed to the convenience, flexibility, and cost-effectiveness of on-demand services. From Netflix to AWS and Uber, customers expect services to be delivered when they want it and in their preferred service channel. Until the launch of Slice ICS, insurers had no real vision for how an industry born in the 17th-century industry and built using 20th-century technology could catch up to the service expectations of the top modern brands' customers trust in the on-demand economy of the 21st century.

Andy Clapson, the lead data scientist at Slice Labs, defines the significance of company's cloud service platform as – ICS breaks the mold for insurance product development enabling new on-demand insurance products in any market to be launched within months, rather than the years it would take to play catch up to today's technology. By the time insurers would have caught up to 2019 technology with their efforts, it could be 2022 and service expectations will have changed.

Andy's contributions have played a significant part in enabling insurance to compete for wallet share and mindshare in the next decade. Additionally, ICS is available for companies outside of the insurance space, so a telecom provider or a large technology company could easily offer on-demand insurance through their existing customer network.

ICS also paved the way for the creation of Slice Mind – an entirely new business unit within Slice that Andy helped to lead and grow. The Slice Mind business unit combines data with AI, machine learning, behavioral and social sciences to help companies with personalization, experimentation, simulations, predictions, risk modeling, product recommendations, and decision-making.

Slice Mind's simulation and learning capabilities allow companies to discover new customer portfolios and segments driving personalized customer engagement, risk assessment, and forecasting by combining data from multiple sources.

ICS and Slice Mind products have the potential to enable on-demand insurance to become a seamlessly integrated part of digital services ecosystems that will power customer interactions in the 2020s. The ICS platform is transforming legacy insurance carriers into digital insurers offering customized on-demand, pay-as-you-go insurance products. Top global insurers have launched on-demand insurance products using ICS instead of investing in infrastructure and employees to build an entirely new business unit.

Major insurers already have become ICS customers including the world's largest insurer AXA XL. Artificial intelligence, machine learning, and data science are at the foundation of the success of ICS.

As aforementioned, there are immense benefits to the launch of ICS and the recent launch of Slice Mind. Unlike other insurance technology start-ups Slice Labs isn't just infusing new technology into old business models, but also enabling insurers and other service providers to create insurance models for a new, on-demand global economy where home-share renters and rideshare drivers need to be protected along with small businesses that need to be aware of cybersecurity threats in real-time.

These types of insurance considerations didn't exist 20 years ago, so one can't approach consumers with legacy technology. Andy believes, ICS enables new and traditional insurers to play with time like Netflix plays with time and gives consumers more control and personalization of products. Without mastering data science this isn't possible, so Andy feels honored to play a part in this.

ICS is Slice's flagship product. While the organization used the technology in 2016 to become the first company in the U.S. to offer on-demand, pay-per-use homeshare rental insurance, its breakout moment happened in January 2018 when it launched ICS.

Andy feels that it has been extremely rewarding to see his work deliver real-world results and create a new market category on a global scale. Andy considers his contribution, as a central role in the launch of the award-winning Slice Insurance Cloud Services (ICS) platform, as the most rewarding achievement of his career.

Overcoming Challenges with Independent Innovative Approach

While talking about the hurdles that Slice Labs has to overcome through this innovation, Andy says, the main challenge for ICS is that many large insurance providers struggle to put the customer experience first and foremost.

To thrive beyond the challenging boundaries, it is required to leverage apt and accurate technological and innovative approach. In this drive to innovation, Slice Labs proudly claims that all the Slice ICS technology is developed in-house eliminating any bar of partnership and far-fetched involvements.

A Data-Versed Innovator

Andy Clapson has been working with data for over a decade. He has been passionate about the power of data in transforming customer experiences and product delivery models on a global scale. He had cut his teeth working with data at Statistics Canada (Canada's national statistical agency) which provided him with a holistic perspective on the diversity of the data landscape and the importance of data to all sectors of the economy. This foundation was the catalyst for why he joined Slice Labs.

Andy Clapson, describing his contribution in the Slice Labs, quotes, "You could say I help put the "Labs" in Slice as I oversee data analytics, machine learning, and applied psychology to reimagine and reinvent insurance."