“We’ve been around the insurance industry a long time, but we didn’t want to compete head to head”, says Tim.
The Toronto-based CEO talks through his journey from CGI Inc and working on core systems for carriers to co-founding Slice, a full digital insurer.
Driven by the three factors of removing as much expense as possible, algorithms outperforming people in terms of underwriting and claims and delivering a better user experience, Slice focussed on gig workers – offering commercial speciality insurance to the new world of AirBnB hosts and Uber drivers.
Tim talks about the importance of starting with the customer and journeying backwards. “Starting with a minimal viable product, we stayed with all the superhosts, and said ‘what else are we missing?’”
Outlining the benefits on offer from Slice and growth plans for the year ahead, Tim gives an insight in to the team’s cultural values. “The whole company is built very distributed. Our decision-making is distributed. We have a big culture of experimentation, what does the end user think, it’s not what do we think.”
Tim concludes by emphasising the importance of removing silos and layers, explaining “our tech people know insurance and our insurance people know tech. The product is a combination of technology and insurance. There’s no separation.”
The Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO, Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses across the globe.