Homeowners insurtech Slide has announced it has raised $100 million in a Series A funding round, led by Gries Investment Funds and Tampa Bay Ventures.
Slide’s technology leverages a dataset to power new advances in artificial intelligence and machine learning for modern homeowners, who can create bespoke insurance policies that fit their needs and budget.
The funding will be used to accelerate the development of its data-driven technology and operations.
Slide’s founder and CEO Bruce Lucas brings deep insurance knowledge and experience to the company, having previously founded Heritage Insurance, where he served as CEO until the end of last year.
Combined with an annual data feed, expected to add significant additional premium information, Slide believes it has an insurmountable Big Data advantage over its competition.
Lucas commented: “Traditional industries are being disrupted by modern technology, but the insurance industry has been particularly slow to adapt.
“As an industry insider, I have a deep understanding of where technology can be leveraged to enhance the user experience while maximising profitability, something I rarely hear mentioned in the insurtech industry.
“Investors saw the future in my vision and the response was overwhelmingly positive.
“Big Data is the key to our technological advantage. It is impossible to have credible artificial intelligence and machine learning without it.
“Not only can we make better underwriting decisions, we can provide more options for the consumer. Modern consumers expect more, even from insurance, and Slide is primed to deliver.”
Slide’s Co-Founder and Chief Scientific Advisor, Hassan Sawaf added: “Slide has an unmatched mix of deep insurance domain knowledge, historical data, and world-leading artificial intelligence, machine learning, and applied science.
“While peer companies are still trying to understand insurance optimisation and consumer behaviour, our experience, and Big Data allows us to drive positive outcomes from the very beginning.”