An Ottawa-born tech firm is working with a well-known name in insurance to bridge coverage gaps for drivers in the ride-sharing industry.
Ohio-based Nationwide announced Tuesday it’s working with Ottawa software developer Slice Labs on a new application targeting drivers in the rideshare industry. The app will allow users working for services such as Uber and Lyft to purchase flexible insurance coverage at the touch of a button.
A release states that insurance packages will be tailored to the industry, with variable increments that can cover users for the length of a trip or multiple hours, depending on the driver’s needs.
The partnership with Nationwide is the latest application for Slice Labs, which develops apps to make on-demand insurance programs accessible with a specific focus on the often-precarious sharing economy.
"The rideshare market is a prime example of the benefits of providing on-demand services to consumers," said Slice CEO Tim Attia in a statement. "The partnership with Nationwide is an important step in the evolution of the traditional auto product to meet the demands of future mobility solutions in an increasingly digital and on-demand world."'
The 50-plus-person firm has raised more than US$35 million to date, including a $20-million round this past fall led by The Co-Operators Group. Slice is working with the Canadian insurance company on an application similar to the rideshare use case but for Airbnb hosts.
Nationwide and Slice Labs are expected to release the rideshare insurance app later this year.