Grab, a leading on-demand transportation and FinTech platform in Southeast Asia, has announced a partnership with Chubb, the world's largest publicly traded property and casualty insurance company, to offer insurance solutions for Grab's 2.6 million driver-partners.
Using the Grab app, drivers will be able to select different insurance options to protect their vehicles, their livelihoods and, ultimately, even their families, with access to loss of income insurance, per-ride schemes, personal accident policies and motor insurance.
Mr Jason Thompson, Managing Director, GrabPay Southeast Asia, said: "Backed by Chubb's global insurance expertise, we are now able to bring this app-based insurance product for the first time to drivers across Southeast Asia."
Mr Paul McNamee, Regional President, Chubb Asia Pacific, said: "We are delighted to work with a digital pioneer like Grab to protect their 2.6 million driver-partners. Our insurance partnership is evolving from traditional group personal accident coverage for drivers to more digital options directly offered from the Grab app. We will also work with Grab's customer and partner-centric platform to introduce relevant, convenient and affordable digital insurance options in the eight countries where Grab operates. Overall, this partnership is an exciting step in our digital strategy to meet growing insurance needs in Asia Pacific."
The companies will also explore leveraging data technology from Grab's platform, including telematics, machine learning and predictive analytics to offer insurance solutions personalised to the specific needs of different private-hire vehicle drivers in Southeast Asia.
The partnership was announced as part of the launch of Grab Financial, the FinTech platform within the Grab ecosystem. Encompassing all of Grab's FinTech offerings, Grab Financial offers payments services, rewards and loyalty services, financial services and agent services.
Grab currently offers services in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.
With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.