Published March 13, 2018
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Grab, the leading on-demand transportation and fintech platform in Southeast Asia, has announced a partnership with Chubb, the world's largest publicly traded property and casualty insurance company, to offer insurance solutions for Grab’s driver-partners. Using the Grab app, drivers will be able to select different insurance options to protect their vehicles, their livelihoods and, ultimately, even 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.
The partnership was announced as part of the launch of Grab Financial, the fintech platform within the Grab ecosystem. Encompassing all of Grab’s fintech offerings, Grab Financial offers payments services, rewards and loyalty services, financial services and agent services.
Jason Thompson, Managing Director, GrabPay Southeast Asia, said, “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.”
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. 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.”
This new partnership is an extension of Grab’s long-term commitment to improve driver welfare. According to a survey published in June 2017, Grab’s driver-partners earn 32% more income on a per-hour basis compared with average worker wages across all of Grab’s markets. Beyond earnings, Grab has also continued to invest in its support function, in-app tools and community events to make the driver-experience better. Examples include the roll-out of in-app features such as instant cash-out, which enables drivers to transfer money to their bank accounts instantly; GrabBenefits, an in-app view of all discounts and offers negotiated for drivers; and My Destination, a feature that enables drivers to get trips in the direction they are planning to go. These features make it easier for drivers to find rides and secure earnings. Improvements have not been limited to the app, with Grab continuing to invest in general support through driver training at the Grab Driver Centre as well as community events to strengthen driver relations.
Grab has continuously focused on forming partnerships to explore new and innovative ways to solve Southeast Asia’s biggest challenges. From working with governments, to taxi operators and financial institutions, Grab’s open-market model is aimed at making transport and transactions safer, more affordable, and more reliable. With Chubb’s help, the company expects to break new ground, making insurance more convenient and affordable for its drivers, with features like pay-per-ride options, one-click enrollment and claim payment via the app.
Chubb is committed to the digitization of its insurance products and services to meet the needs of customers living, working and running businesses in the Digital Age. The company is investing in product innovation, analytics and technology to provide a truly “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.