SINGAPORE - Grab is making its first foray into the consumer insurance business in a tie-up with Chubb offering travel insurance to its Singapore customers.
Starting on Monday (Jan 13), a new insurance tile has been added on the Grab mobile app for the purchase of the product, called Travel Cover, at $2.50 a day covering any destination globally.
Travel Cover will be rolled out to other Grab markets in South-east Asia in the coming months, the partners said in a joint release on Monday. The product is distributed by GrabInsure Insurance Agency, Grab Financial Group's insurance platform.
Tom Duncan, head of insurance at Grab, said Travel Cover is an example of how Grab leverages its GrabInsure platform to deliver "on-demand" insurance products.
"We will continue to work closely together (with Chubb) to expand the product offering and address the differing consumer needs across the region," he added.
Scott Simpson, country president of Chubb in Singapore, said: "Our partnership with Grab allows us to develop more customer-centric insurance solutions that align with the varied lifestyles of consumers."
Grab's "super app" in Singapore has grown from ride-hailing to payment services, food delivery, package delivery, hotel bookings, show ticket purchases and on-demand video streaming.
An earlier tie-up with Chubb offered Grab users free travel insurance covering personal accidents and flight delays with hotel bookings made through the Grab app.
To celebrate the launch of Travel Cover, the first 20,000 customers can purchase the product at a discounted price of $1 a day till Feb 29 for trips within the Asia Pacific region, said the companies.