SOMPO and Slice Collaborate on Asia’s First On-Demand Insurance Product

The joint travel insurance product TravelJoy, offered on the Slice ICS platform, will include life and medical, flight delay/cancellation, and baggage/belongings coverage.

(Image source: Pixabay.)

Slice Labs Inc. (Slice), the New York-based creator of the ICS (Insurance Cloud Services) on-demand insurance platform and Sompo Holdings Asia (SOMPO, Singapore), part of Sompo Holdings (Tokyo), have released an enhanced version of the travel insurance product, TravelJoy, in Thailand using social distribution through LINE’s (Tokyo) LINE LIFF Platform making on-demand trip protection services available to 44 million LINE users in the country.

Chayanna Siripirom, CEO, Sompo Insurance Thailand.

“SOMPO’s partnership with Slice and relationship with LINE blend a common commitment to introduce more convenient and user-friendly digital services that best aid Thailand’s increasingly cashless society,” comments Patrick Chin, Head of Digital and Branding, Asia Pacific at SOMPO. “We believe in meeting customers where they are at with innovative technologies that support their lifestyles. Slice ICS is an incredible asset that has positioned SOMPO to develop and implement a progressive product solution within a short timeframe.”

“More than 90 percent of Thailand’s mobile internet users are using LINE commercially and socially,” notes Chayanna Siripirom, CEO, Sompo Insurance Thailand. Now that TravelJoy is made available on our very own LINE OA, we can offer better services and solutions to our customers, as well as reach out to a larger market.”

Tim Attia, CEO, Slice.

The joint travel insurance product, TravelJoy, will include life and medical, flight delay/cancellation, and baggage/belongings coverage. As part of the offering, Slice ICS will integrate with pan-Asian payments provider 2C2P (Bangkok), which serves 620 million banked and unbanked Southeast Asia customers.  Available in English and Thai, the Slice and SOMPO TravelJoy is purchased via Sompo Thailand LINE Official Account on the LINE platform in under three minutes and costs ₿500 (Thai baht) (USD16) per average customer.

Advanced Business Ecosystem

“This is the type of ecosystem example where advanced financial services, payments, and insurance products are setting a global example for how to reinvent customer experiences,” comments Tim Attia, CEO of Slice Labs. “Asia is known for pushing the envelope much earlier in adopting new technologies compared to other countries around the world. This makes our vision for ecosystems powered by on-demand insurance a great option for the region and not a customer experience that is decades in the future.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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