Japanese insurance giant Sompo has agreed a proof of concept with US insurance cloud platform provider Slice Labs.

The deal with Singapore headquartered Sompo Holdings Asia aims to create the ability for on-demand insurance to the fast growing Asia Pacific markets, something Slice says is a first of its kind. For its part Slice said it will open an office in Singapore to support this and other initiatives in the region.

Sompo will license the Slice Insurance Cloud Services (ICS) platform to deploy and test new digital insurance products.

Slice said its ICS platform allows insurers, to “leverage the flexibility, scalability, and security of ICS through a high-value subscription model”.

“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.” 

Slice added: “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.”