Slice and SOMPO Announce ICS Proof-of-Value Contract Bringing On-Demand Insurance to Asia

Slice ICS platform now used by top insurers in the U.S., Canada, UK, and Asia Pacific

NEW YORK – August 14, 2019 – (BUSINESS WIRE) — Slice Labs Inc., the first on-demand insurance cloud platform provider, announced today that it has entered into a proof-of-value contract with Sompo Holdings Asia (SOMPO), regionally headquartered in Singapore and part of Sompo Holdings, a top Japanese insurer.

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.

Learn more about the Group by visiting www.sompo-asia.com

About Slice:

Slice Labs is the insurance engine behind tomorrow’s cloud-based, on-demand digital services ecosystems for the new economy. Through Slice’s Insurance Cloud Services (ICS) platform, Slice is enabling insurers, technology companies, and other service providers to build truly intelligent and intuitive, pay-as-you-go digital insurance products protecting the insured anytime and anywhere.

President and CEO of ICBC moving on to lead Central 1

ICBC’s Board of Directors is announced December 7, 2017 that president and CEO, Mark Blucher, is leaving ICBC effective December 29, 2017, to become the president and CEO of Central 1 Credit Union.

Mr. Blucher has been with ICBC since 2010 when he joined as the senior vice president of insurance. He was appointed president and CEO in 2012.

Prior to ICBC, Blucher worked extensively in insurance and financial services including a number of senior executive positions in New Zealand and Australia.

“ICBC’s loss is Central 1’s gain,” said ICBC Board Chair, Joy MacPhail. “We will miss Mark’s extensive expertise and leadership but this is a great career opportunity for him. I am particularly pleased he has decided to stay in the province and continue to contribute his expertise here in British Columbia.”

“ICBC’s Board and senior management are fully committed to working with government to make both basic rates affordable and ICBC sustainable in the long run,” said MacPhail. “Mark has been a consistent champion of ICBC, customer service and rate affordability, and we will continue to pursue those principles.”

An interim CEO will be appointed shortly and ICBC’s Board of Directors will launch an external search for a permanent replacement.

Insurers: We’re off the hook, Duke Energy knew coal ash risk

Dozens of insurance companies say they’re not obligated to help pay for Duke Energy Corp.’s multi-billion dollar coal ash cleanup. They say the nation’s largest electric company long knew about but did nothing to reduce the threat of potentially toxic pollutants.

The claim is in a filing by lawyers for nearly 30 international and domestic insurance companies Duke Energy sued in March. The Charlotte-based company wants to force insurance payments to cover part of the utility’s coal ash cleanup in the Carolinas.

The insurers say they’re not paying because Duke Energy stored its coal ash in unlined pits as part of its normal business practices. Insurance company lawyers say no distinct pollution events triggered coverage.

Coal ash contains arsenic, mercury and other elements that may be hazardous in sufficient concentrations.

 

NEWS: Hub announces the acquisition of California-based LISSC

Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired LISSC. Terms of the acquisition were not disclosed.

Based in Santa Ana, California, LISSC is a multi-lines insurance solutions provider. LISSC’s team will join Hub California. Angelo Maroutsos and Dennis Monahan, co-owners, and David Trevino, Vice President, of LISSC, will join Hub California and report to Peter Duncan, Executive Vice President, Hub California.

About Hub’s M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com.

About Hub International
Headquartered in Chicago, IL, Hub International Limited is a leading global insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services from offices located throughout North America. For more information, please visit https://www.hubinternational.com.

Great West says Putnam cutting 115 jobs in effort to reduce costs by US$65M

Great-West Lifeco Inc. (TSX:GWO) says Putnam Investments, its U.S. investment management operation, is cutting approximately 115 jobs in a bid to trim costs by US$65 million.

The company says the reductions amount to about eight per cent of Putnam’s staff and will be primarily in its operations and technology areas.

A small number of investment management professionals will also be leaving the company.

Great-West, a member of the Power Financial group of companies, offers life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.

It operates under the Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments banners.

 

Airbnb introduces a broader insurance coverage policy for Canadians

Airbnb is adding a new level of insurance coverage in Canada as part of wider support for people who list their properties through its service.

The online accommodation provider announced October 22, 2015 that its Host Protection Insurance program, which launched earlier this year in the United States, would be rolled out in 15 more countries.

The expanded coverage will provide compensation if a guest is injured at a property listed on Airbnb and brings a claim against the host.

The insurance could also cover damages a guest causes to the surrounding area of a property – such as accidental water damage if a pipe burst affects a neighbouring apartment.

Coverage, which comes at no additional cost to the host, tops out at $1 million, the company said.

The Host Protection Insurance program, which will be provided through a partnership with a Lloyd’s of London participating insurer, comes after Airbnb spent four years on an agreement that satisfied the insurers, said Airbnb product lead Jonathan Golden.

“The insurance industry is not fast paced, so it has taken time to educate them on these platforms,” he said.

“It has been a challenge to handle products like these (which are) unique and individual solutions.”

Airbnb has been growing in popularity as the so-called “sharing economy” becomes more commonplace with the help of taxi-hailing service Uber and various other apps.

Golden said Airbnb executives wanted to lineup a significant number of countries before it launched the expanded insurance coverage.

Since its U.S. launch in January, less than 50 claims have been filed under the Host Protection program when factoring in all of the 8 million guest bookings, he said.

Airbnb, which offers a substitute to hotels, has about 33,000 host listings across Canada.

Few of those bookings have resulted in major issues for the company, but some of the higher profile problems have raised red flags for insurance companies.

In May, a Calgary family discovered their home was trashed amid a “drug-induced orgy” by hard-partying renters. Property damage was assessed at around $75,000, though Airbnb said it would cover the costs at the time.

Governments across the country have started to voice concerns about the ramifications of an unregulated sharing economy.

In Quebec, Tourism Minister Dominique Vien is pushing for a law which clearly differentiates between legal accommodation web sites like Airbnb and some of the smaller competitors who aren’t necessarily operating within requirements and paying taxes.

 

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