Slide, a full-stack homeowners insurtech, announced the close of its oversubscribed $100 million Series A funding round. Slide’s technology leverages an immense 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 allπow Slide to accelerate the development of its data-driven technology and operations.
Founder and CEO Bruce Lucas has deep insurance knowledge and experience. Lucas previously founded super-regional insurer Heritage Insurance (NYSE: HRTG), where he served as CEO until the end of 2020. Under Lucas’ leadership Heritage grew from a single-state start-up to over $1 billion in annual revenue in 15 states. His unique insider’s perspective of the insurance industry formed the basis of his vision to transform all aspects of the insurance process including operations, claims, underwriting, and user experiences.
Slide’s artificial intelligence is powered by the most extensive data set in the insurtech industry and is paired with a founding team that comes from some of the most successful, well-known, and high-performing companies in the technology, financial services, and insurance sectors.
“Traditional industries are being disrupted by modern technology, but the insurance industry has been particularly slow to adapt,” said Lucas. “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.”
Behind the platform is a Big Data set with a total insured value in excess of $2.7 trillion. This dwarfs the collective data for the insurtech industry and is significantly larger than any P&C insurtech competitor. Combined with an annual data feed in excess of $1 billion, Slide has an insurmountable Big Data advantage over its competition.
“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”, said Lucas.
Slide’s Co-Founder and Chief Scientific Advisor, Hassan Sawaf, is no stranger to trailblazing new applications of data science. His experience ranges from academia to executive positions where he built and led AI programs at Amazon Web Services, Facebook AI, and eBay.
“Slide has an unmatched mix of deep insurance domain knowledge, historical data, and world-leading artificial intelligence, machine learning, and applied science,” said Sawaf. “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.”
The oversubscribed fundraising round was led by Gries Investment Funds and Tampa Bay Ventures. Skyway Capital Markets served as placement agent. With record-breaking funding, a revolutionary data-driven platform, top insurance and technology experts, and solutions delivered on the consumer’s terms, Slide is positioned to emerge as a leader in the insurtech industry.