Sompo International in Asia plans to use an InsurTech startup’s on-demand cloud platform to bring on-demand insurance to Asia. Berkshire Hathaway Specialty Insurance says it updated its Asia Executive First Directors & Officers (D&O) Liability by adding a new coverage provision.
Slice Labs, known for its on-demand insurance cloud platform, said it has entered into a proof-of-value contract with Sompo Holdings Asia.
The companies tout their new partnership as the first of its kind to bring on-demand insurance to Asia. Sompo will license the Slice Insurance Cloud Services (ICS) platform to quickly deploy and test new digital insurance products. Slice ICS platform is designed to allow insurers, like Sompo, to leverage the flexibility, scalability and security of ICS through a high-value subscription model.
Slice and Sompo 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.
Berkshire Hathaway Specialty Insurance says it has added a provision to its Asia Executive First Directors & Officers (D&O) Liability Insurance that reinstates policy limits exhausted by the entity or by individual insureds.
Specifically, BHSI’s Asia Executive First D&O Liability policy now includes an automatic reinstatement provision that applies across the board to all of the policy’s insuring clauses, replenishing limits that have been exhausted by the payment of Side A (D&O indemnification), Side B (company reimbursement) or Side C (entity securities claims) losses for future claims.
BHSI has also added numerous other enhancements to the policy, including coverage for expenses to protect the insured’s reputation and for travel and accommodations required to comply with investigations.
Sources: Berkshire Hathaway Specialty Insurance (BHSI)