Ride-hailing firm Grab has partnered with property and casualty insurer Chubb to offer its riders and customers with travel insurance. The new joint venture launched by both parties is named Travel Cover and is formally introduced to the Singaporean market.
While the products are currently available for those living in Singapore, Grab is positive that it can expand and offer its services to other Southeast Asian regions within the next few months.
In a statement, head of insurance at Grab, Tom Duncan, said, “Our mission with GrabInsure is to provide access to affordable insurance products that better meet the everyday needs of Southeast Asians as we enter the consumer insurance market.”
“We are pleased to be working with Chubb as they share our vision to make insurance affordable and easily accessible,” Duncan continued to say.
Travel Cover aims to provide users access to a wide variety of policy coverage options when they need it. According to Tech in Asia, users may purchase their desired coverage any time until they depart. In the same way, the ride-hailing app is designed to save and store data of customers, making it easier to make transactions and purchases in the future.
Duncan shares, “Our customer research shows that many individuals were uninsured when they travel, and we are uniquely placed to address this gap. Travel Cover is an example of how we are leveraging GrabInsure’s platform to deliver innovative ‘on-demand’ insurance products.”
Under the new program, individuals have the chance to get coverage for as low as 2.50 Singaporean dollars per day. This already covers their daily travels around the globe, said in its press release.
As part of its introductory offer, the ride-hailing giant will offer the first 20,000 customers to purchase coverage for as low as 1 Singaporean dollar, reveals Vulcan Post. The offer is valid until February 29, 2020, with coverage spanning the Asia Pacific region.