Grab Enables In-App Travel Insurance for As Low as $1 Per Dayby Fintechnews Singapore January 13, 2020
Grab and Chubb announced today the launch of Travel Cover — an on-demand travel insurance service that Grab users can purchase within the app. The product is distributed by GrabInsure Insurance Agency, Grab Financial Group’s insurance platform.
Starting from today, a new insurance tile will be added on the Grab app, allowing Singapore-based customers to purchase Travel Cover from just S$2.50/day for travel to any destination globally.
The first 20,000 customers can purchase Travel Cover at a discounted price of just S$1/day till 29 February for trips within the Asia Pacific region. Travel Cover will be rolled out to other Grab markets in Southeast Asia in the coming months.
Scott Simpson, Country President of Chubb in Singapore said,
“Outbound travel from Singapore is thriving, reaching 10.4 million departures by air and sea in 20181. At the same time, smartphone users are projected to hit 4.65 million this year2. Our partnership with Grab allows us to develop more customer-centric insurance solutions that align with the varied lifestyles of consumers.”
Tom Duncan, Head of Insurance at Grab 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. 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. We are pleased to be working with Chubb as they share our vision to make insurance affordable and easily accessible. We will continue to work closely together to expand the product offering and address the differing consumer needs across the region.”