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Lucas-run InsurTech Slide raises $100mn in Series A funding

Slide logo tampa.jpg

Homeowners’ InsurTech Slide has raised $100mn in Series A financing, led by Gries Investment Funds and Tampa Bay Ventures, the company announced.

Slide leverages technology, artificial intelligence and machine learning to create specialized insurance policies for homeowners. Behind the platform is a big data set with over $2.7tn in total insured value, according to the company.

Slide, which is launching as a fully licensed balance sheet carrier, said it will use the funding to accelerate the development of its data-driven technology and operations.

Slide founder and CEO Bruce Lucas said: "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 maximizing profitability, something I rarely hear mentioned in the InsurTech industry. Investors saw the future in my vision and the response was overwhelmingly positive.

Slide’s co-founder and chief scientific adviser, 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 optimization and consumer behavior, our experience, and Big Data allows us to drive positive outcomes from the very beginning.”

CEO Lucas previously founded regional insurer Heritage Insurance, where he served as CEO until the end of 2020.

InsurTechs have raised a record-breaking $10.5bn of investment during the first three quarters of 2021, a year in which insurance technology firms are poised to secure more than the combined total for both 2018 and 2019.

In addition to Slide, several InsurTechs, such as Pie and Embroker, have begun to take on risk as they seek greater control over their capacity.

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