Grab, the Southeast Asia on-demand transportation and fintech platform, announced a partnership with Chubb to offer insurance solutions for Grab’s drivers.
Using the Grab app, drivers will be able to select different insurance options to protect their vehicles, their livelihoods and, ultimately, their families, with access to loss of income insurance, per-ride schemes, personal accident policies and motor insurance.
The companies will also explore leveraging data technology from Grab’s platform, including telematics, machine learning and predictive analytics to offer insurance solutions personalized to the specific needs of different private-hire vehicle drivers in Southeast Asia, Grab said in a statement.
The partnership was announced as part of the launch of Grab Financial, Grab’s fintech platform. Grab Financial offers payments services, rewards and loyalty services, financial services and agent services, the company explained.
“At Grab, driver welfare is at the heart of our vision of improving the lives of people in Southeast Asia,” said Jason Thompson, managing director, GrabPay Southeast Asia.
“We want to ensure our driver-partners’ hard work pays off and that their income and livelihoods are protected,” he continued. “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.”
With Chubb’s help, Grab said it expects to make insurance more convenient and affordable for its drivers, with features like pay-per-ride options, one-click enrollment and claim payment via the app.
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.”
He said Chubb will also work with Grab “to introduce relevant, convenient and affordable digital insurance options in the eight countries” where it operates.
“Overall, this partnership is an exciting step in our digital strategy to meet growing insurance needs in Asia Pacific,” he continued.
Chubb said it is investing in product innovation, analytics and technology to provide an “anytime-anywhere” customer experience for its clients and distribution partners. Chubb’s capabilities range from simple easy-to-apply consumer insurance plans offered through social media and mobile platforms to artificial intelligence-enhanced decision support of underwriting and claims.
Source: Grab and Chubb