Guelph, Ont.-based The Co-operators Group Ltd. and New York-based insurtech firm Slice Labs Inc. have partnered to launch Co-operators’ new digital insurance brand in Canada, the companies announced on Wednesday.
Launching this summer under the brand name duuo, the first product will provide pay-per-use homeshare insurance underwritten by Co-operators General Insurance Co., for hosts using home sharing platforms like Airbnb, HomeAway and VRBO.
“We were founded in 1945 by a small group of farmers and social pioneers who found that their needs were not by traditional insurance offerings, so they found a new way of protecting their financial security in a time of need,” says Rob Wesseling, president and CEO of the Co-operators, in a statement.
“Our new business partnership with Slice is the 21st century of this mindset, it will allow us to meet the underserved insurance needs of Canadians participating in a highly innovative digital economy. Our shared vision of ensuring that everyone can be protected with the most intelligent and customized insurance possible makes this partnership very exciting.”
Throughout the partnership, Slice will give the Co-operators a platform using artificial intelligence and analytics capability to create non-traditional insurance products.
The firm is considering using the partnership in the life insurance space, a spokesperson says.