Southeast Asian ride-hailing unicorn Grab and global insurer Chubb have launched a new insurance product named Travel Cover.
Travel Cover is distributed by GrabInsure Insurance Agency, Grab Financial Group’s insurance platform. The travel insurance product will be added on the Grab app, allowing Singapore-based customers to purchase Travel Cover from SGD 2.50 per day for travel to any global destination.
Chubb Singapore country president Scott Simpson said in a statement today that outbound travel from Singapore increased to 10.4 million departures by air and sea in 2018. In addition, smartphone users in Singapore are projected to hit 4.65 million this year.
“Our partnership with Grab allows us to develop a more customer-centric insurance solutions that align with the varied lifestyles of consumers,” Simpson said.
Grab head of insurance Tom Duncan said that based on research by Grab, the company found that many customers were uninsured when they travel, hence it is well-placed to address this gap. Moreover, it is providing access to affordable insurance products that meet the everyday needs of Southeast Asians as it enters the consumer insurance market.
“Travel Cover is an example of how we are leveraging GrabInsure’s platform to deliver innovative ‘on-demand’ insurance products. We are pleased to be working with Chubb as they share our vision to make insurance affordable and easily accessible. We will continue to work closely together to expand the product offering and address the differing consumer needs across the region,” Duncan said.
To celebrate the launch of the new product, Grab and Chubb have created a promotion for the first 20,000 customers, who can purchase Travel Cover at a discounted price of SGD 1 per day until 29 February for trips within the Asia Pacific region. Travel Cover will be rolled out to other Grab markets in Southeast Asia in the coming months, the company said.
GrabInsure has at least seven insurance products that cover protection for driver partners. It has collaborated with several players, such as Chubb, Singapore-based NTUC Income, and China’s ZhongAn Technologies International Group Limited to carry insurance products on the Grab platform.