On-demand insurance platform Slice Labs has entered into a partnership with Sompo Holdings (Asia) to release a joint travel insurance product, named TravelJoy, in Thailand.
The pay-per-use travel insurance product includes life and medical, flight delay/cancellation, and baggage/belongings coverage.
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It will be made available using the LINE LIFF platform, which aims to make on-demand trip protection services available to 44 million LINE users in Thailand.
Sompo Asia Pacific digital and branding head Patrick Chin said: “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.
“We believe in meeting customers where they are at with innovative technologies that support their lifestyles.
Sompo stated that over 90% of the country’s mobile internet users are using LINE commercially and socially.
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By GlobalDataThe company hopes that the new travel insurance product will enable it to offer better services and solutions to its customers, as well as reach out to a larger market.
Under the arrangement, Slice ICS will integrate with pan-Asian payments provider 2C2P, which serves 620 million banked and unbanked Southeast Asia customers.
“Slice ICS is an incredible asset that has positioned SOMPO to develop and implement a progressive product solution within a short timeframe.”
Slice Labs CEO Tim Attia said: “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.
“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.”
