Grab Holdings has partnered with ZhongAn Online P&C Insurance Company to distribute insurance digitally across Southeast Asia.
Grab Holdings, the region's ride-hailing platform, will establish a joint venture company with the subsidiary of Internet-based insurer ZhongAn Online for digital insurance distribution business in Southeast Asia.
«Through this partnership, we hope to provide our users, driver-partners and merchants with relevant and affordable insurance protection from life’s uncertainties. As the only digital payments player to have licenses across the six major Southeast Asian countries, we will leverage our regional reach and work with global insurance partners to quickly scale up across our markets, said Reuben Lai, Head of Grab Financial, in a media statement on Wednesday.
Fractionalized Premiums
The JV, formed with ZhongAn Technologies International Group (ZA International), will create a digital insurance marketplace that offers insurance products in a range of categories with fractionalized premiums, directly to users through the Grab mobile app.
The tie-up aims to address the usual pain points of insurance discovery, unaffordable premiums and payment options by allowing for insurance premium payments to be adjusted and automatically deducted through GrabPay or its affiliate payment partners, both companies said.
Partnership Arrangements
ZA International will bring technical assets to build the platform and insight into Internet ecosystems while Grab will contribute its wide user base and customer insights. The platform will be launched in Singapore in the first half of 2019, before being rolled out in other markets.
As a start, Grab will work with Chubb to offer a drivers’ insurance product to its driver-partners in Singapore to protect them from loss of income owing to illness or accident. They will also collaborate with global insurance partners to develop products that are tailored specifically to Southeast Asians’ lifestyle needs.
