American insurtech start-up Slice Labs has launched its new business unit to help firms personalise, experiment, simulate and predict insurance risk with AI.

The new division, Slice Mind, leverages artificial intelligence (AI), machine learning and behavioural psychology to foresee insurance risk and make product recommendations.

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Slice Mind has been powered by an insight engine that transforms data insights into actionable intelligence to provide real business value and advantage for companies looking to future-proof themselves.

Slice, which is backed by Munich Re, Horizons Ventures, XL Innovate and Sompo, said that Slice Mind is available to both Slice Insurance Cloud Services (ICS) users and the general public.

Slice co-founder and CEO Tim Attia said: “A big part of Slice ICS is the data analytics, scoring and machine learning that drives our underwriting and claims. The feedback we’ve received from customers tells us there is an increasing need for carriers to effectively use data to predict risk.

“We want to allow carriers to focus on developing new and innovative products, so we’re launching Slice Mind to help them make smart decisions and solve the industry’s seemingly impossible problems based on the data insights and predictive analytics the tools provide.”

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Recently, US-based Nationwide teamed up with Slice Labs to develop on-demand auto insurance for rideshare drivers working for ride-sharing service providers, such as Uber or Lyft.

In September last year, Slice Labs secured $20m in a Series A funding round led by The Co-operators, a Canadian insurance co-operative.