Chubb, one of the largest P&C insurance operators has entered into a partnership with Grab, an on-demand transportation and FinTech platform in Southeast Asia, to offer insurance solutions to Grab’s driver-partners.
The key elements of the partnership include:
The partnership combines both Grab’s and Chubb’s ecosystems and expertise
Initial product coverage will include accident, hospitalisation and critical illness insurance coverage to Grab’s 2.6 million driver-partners and will be accessible through the Grab driver app
The partnership will leverage on-board telematics, machine learning and predictive analytics from Grab’s platform to develop customised insurance solutions for Southeast Asia
The announcement came as a part of the launch of Grab Financial – Grab’s FinTech platform
Paul McNamee, Regional President with 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. 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.”
Digitization of insurance products is an area of recurrent interest for Chubb. Having embraced an ‘anytime-anywhere’ customer experience for its clients and distribution partners. Chubb’s capabilities now range from easy-to-apply for online plans offered through social media and mobile platforms to AI enhanced decision support for underwriting and claims processing.