This new partnership brings on-demand insurance to the fast growing Asia Pacific region of Asia, the first of its kind. SOMPO will license the Slice Insurance Cloud Services (ICS) platform to quickly deploy and test new digital insurance products. Compared to other, more traditional solutions, the Slice ICS platform allows insurers, like SOMPO, to leverage the flexibility, scalability, and security of ICS through a high-value subscription model.
There are a number of new risks in mobility, travel, and leisure on-demand economy segments that are impacted by emerging technologies. Large social platforms also represent new opportunities for digital on-demand insurance products to be embedded in the overall experience. The companies plan to roll out various on-demand products across Asia throughout their partnership. Slice will be opening an office in Singapore to support this and other initiatives in the region.
“The future of satisfying insurance customers in any country and product segment hinges upon the cooperation of insurers and insurtechs,” said Tim Attia, CEO of Slice. “SOMPO is a strong example of how this can work as they have helped our cloud technology quickly scale into another global region and ICS is helping them reimagine insurance customer experiences.”
About Sompo Holdings (Asia)
Based in Singapore, Sompo Holdings (Asia) Pte. Ltd. is the holding company for its Asia Pacific entities, except Japan and is part of Sompo Japan Nipponkoa Insurance Inc, which is a member of the SOMPO Holdings headquartered in Tokyo, Japan. With a trusted presence in Asia since 1942, our business spreads with over 4,000 employees across the region. We are now the Top 10 Largest Non-Life Insurance Companies in Indonesia and Malaysia, and we have forged strategic partnerships to access a wider network of resources and distribution.