Slice and SOMPO release on-demand insurance product in Asia

On-demand insurance platform Slice Labs and insurer Sompo Holdings (Asia) (SOMPO) have released an enhanced version of travel insurance product TravelJoy in Thailand using social distribution through LINE LIFF, a platform for web apps. It aims to make on-demand trip protection services available to 44 million LINE users in the country.

“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,” said 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.”

Sompo Insurance Thailand (Sompo Thailand) CEO Chayanna Siripirom added: “More than 90 percent of Thailand’s mobile internet users are using LINE commercially and socially. 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.”

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, that 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 Bt500 ($16) per average customer.

“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,” said 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.”