Singapore-based ride-hailing app Grab's partnership with Chinese online insurer Zhong An, announced last month, has set in motion the battle of the 'super apps' in Southeast Asia.
Super apps provide multiple services within their app and thus become a one-stop service centre where consumers can perform multiple functions, ranging from getting transport, ordering food, making payments and even buying insurance.
Grab’s deal with Zhong An will create a joint venture that will provide digital insurance services across Southeast Asia. It adds another element to Grab’s financial services offering, that includes payments, micro-loans and online banking. Plans are also afoot to go into cross-border remittance services.
Grab’s push into the insurance space is another step towards fulfilling its vision of becoming an everyday-needs app in the mould of WeChat in China. Having seen off the competition by Uber, Grab is the leading ride-hailing app in the ASEAN region.
But Indonesia’s ride-hailing sensation Go-jek is set to give Grab a run for its money – having moved into the Singapore market in recent months to provide real competition to Grab. In the past year, Go-jek has been quietly forming partnerships with banks, insurers and peer-to-peer moneylenders.
So how does Grab intend to stay ahead of the FinTech game? And what does Grab see as its role in the insurance eco-system? Hear the answers from Grab’s head of insurance, Tom Duncan, at the 19th Asia CEO Insurance Summit in Singapore
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