Renting your home out via Airbnb or other online platforms is a nice way to make extra money, especially if your home is in a major city like London, or a tourist destination like St Ives, Brighton or St Andrews. Insurance cover can be hard to find, especially if your house or apartment is going to be rented out for 20-30 days a year to strangers.
But the market is responding and UK insurer Legal & General is the latest company to partner up with an on-demand, app-based company – Slice Labs – to make the whole process easier for landlords to manage. Slice attracted investment from Munich Re and others in 2016/17 and the US insurtech specialist is making its first step into the UK market with L&G.
In addition to home sharing cover, Slice and Legal & General are expected to develop new products aimed at gig economy workers, who need delivery vehicle insurance by the hour, or temporary travel/healthcare insurance for a one-off job.
Slice aim to reduce the hassle of obtaining cover by using AI and data sifting, so that policyholders have fewer questions to answer and can manage their policies via an app, 24/7, with PAYG being a core element in the service.