Sompo partners with Munich Re, XL-backed insurtech Slice to launch on-demand insurance in Asia
Re/insurer Sompo Holdings and US-based insurtech Slice Labs have entered into a proof-of-value contract to offer a 'first-of-its-kind' on-demand insurance to the Asia Pacific region.
Backed by global insurers including Munich Re, XL and Sompo, Slice offers cloud-based on-demand insurance through its Insurance Cloud Services (ICS) platform. Sompo earlier invested in Slice's Series A funding round.
The new partnership will see Sompo Holdings Asia license Slice's ICS platform to quickly deploy and test new digital insurance products.
The two companies plan to roll out various on-demand products across Asia throughout their partnership.
Additionally, 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.”
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