Grab has partnered China's internet-based insurer ZhongAn in a joint vneture to enter the digital insurance distribution business in Southeast Asia.
In a press statement on Wednesday, January 16, Grab said the initiative offers innovative insurance products directly to users through the Grab mobile app. Collaborations with global insurance partners will also be established to ensure products are tailored specifically to Southeast Asians’ lifestyle needs.
The platform will be launched in Singapore in the first half of 2019, before being rolled out in other markets. Users will be able to directly browse and pay for affordable insurance products through the Grab app, without going through an agent or broker.
Insurance premium payments can be adjusted and automatically deducted through GrabPay or its affiliate payment partners. This addresses the usual pain points of insurance discovery, unaffordable premiums and payment options.
To start, in conjunction with Chubb, Grab will offer a drivers’ insurance product to its driver-partners in Singapore to protect them from loss of income owing to illness or accident.
“The launch of our insurance platform is part of our commitment to becoming the leading everyday super-app in the region. With over 130 million downloads in Southeast Asia and a presence across 336 cities, our deep understanding of consumer behavior and needs uniquely allows us to deliver innovative insurance products that create value for our customers,” said Ming Maa, President of Grab.