As part of the launch of Grab Financial, fintech platform offering payment and financial services, Grab has partnered with Chubb, casualty insurance company to offer insurance solutions for Grab's driver-partners.
Using the Grab app, drivers will be able to select from different insurance options and will have the access of insurance policies such as loss to income insurance, per-ride schemes, personal accident policies, as well as motor insurance. The companies will also look to leverage data technology from Grab's platform such as telematics, machine learning and predictive analytics to offer personalised insurance solutions to the specific needs of the different driver-partners.
According to the press statement, the new partnership is an extension of Grab's long-term commitment to improve driver welfare. In addition, Grab has also continued to invest in its support function, in-app tools and community events to make the driver experience better, by rolling out features such as instant cash out, GrabBenefits and My Destination. These features is said to make it easier for drivers to find rides and secure earnings.
"At Grab, driver welfare is at the heart of our vision of improving the lives of people in Southeast Asia. We want to ensure our driver-partners' hard work pays off and that their income and livelihoods are protected. We are excited to have a partner such as Chubb with whom we share this vision. 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," Jason Thompson, managing director, GrabPay Southeast Asia said.
Paul McNamee, regional president, Chubb Asia Pacific also added that the insurance partnership is evolving from traditional group personal accident coverage fro 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," McNamee said.