Sompo Holdings and Slice Labs are partnering on a product in Thailand. FRISS will be working with Snapsheet to provide technology designed to enhance the claims process.
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A division of Japanese insurer Sompo holdings is partnering with Slice Labs, an on-demand insurance cloud platform provider, to release an enhanced version of a travel insurance product in Thailand.
Slice is working with Sompo Holdings (Asia) Pte. Ltd. on the project, involving the travel insurance product TravelJoy. It will be released in Thailand using social distribution through the LINE LIFF web app platform making on-demand trip protection services available to 44 million LINE users in the country.
Sompo Insurance Thailand (Sompo Thailand) CEO Chayanna Siripirom said in prepared remarks that most of Thailand’s mobile internet users are already using LINE commercially and socially, and that adopting the app will help boost its services and market reach.
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 ₿500 (Thai baht) (USD$16) per average customer.
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FRISS will be working with Snapsheet to provide technology designed to enhance the claims process.
FRISS develops fraud and risk analytics for P/C insurers using artificial intelligence, and Snapsheet is an InsurTech that develops and markets software services for insurance carriers.
The companies say that their partnership will help bring to Snapsheet customers “seamless fraud protection” that’s built into their core system and everyday workflows.
The FRISS product lets carriers automatically detect fraudulent claims using AI and machine learning, expert knowledge rules, internal and external database checks, text analysis and network link analysis, the company said. Its FRISS Score instantly indicates the likelihood that a claim is fraudulent, and provides actionable insights non-technical staff can use to decide the next best actions to take.
A FRISS indication within Snapsheet uses these indicators: Green means go, encouraging the fastest possible processing of legitimate claims; yellow indicates a need to slow down and look both ways; while a red light, indicative of a high likelihood of fraud, should cause a carrier to stop and investigate before paying a claim.
Sources: SOMPO/Slice Labs, Snapsheet/FRISS