The offering is via a joint venture with ZhongAn International, the international arm of China’s insurance giant ZhongAn, TechCrunch reports.
Insurance services will be offered via the Grab app, the company says.
Chubb will be the first partner to sign up and offer insurance for Grab drivers, firstly in Singapore. Chubb already partners with Grab in another fintech venture, offering micro loans to its drivers.
ZhongAn was China’s first digital-only insurance platform, TechCrunch reports; it’s backed by the insurance company PingAn as well as leading internet brands Tencent and Alibaba.
The announcement comes as the online insurer Singapore Life is reported to have closed the second part of a $33 million funding round, designed to expand its footprint in Southeast Asia.
For Grab, the ZhongAn deal marks a further expansion of its fintech arm. This already includes on and offline payments, and there are plans to online healthcare via a deal with PingAn Good Doctor, which provides range of medical services, such as AI-assisted online medical consultations, medicine delivery and appointment bookings through an online platform. There are also plans to expand into international remittances.
Fintech is part of a wider strategy from Grab, TechCrunch says, as the company, last valued at more than $11 billion, aims to transform its app from a simple taxi-hailing service into a comprehensive “everyday needs” service in the way several super apps, such as Meituan and WeChat, operate in China.
Grab President Ming Ma described the new insurance product as “part of our commitment to becoming the leading everyday super app in the region”.
Grab currently has 130 million downloads in Southeast Asia, where the digital economy is forecast to triple in value to reach $240 billion by 2025, making it the fastest growing in the world.
Last summer, Grab opened its platform to third-parties, which can lean on its considerable userbase — currently at 130 million downloads — to reach Grab’s platform. It already offers services such as e-grocer HappyFresh, and travel services from travel industry giant Booking, among others.
Its main rival Go-Jek, which launched in Indonesia, has expanded into Vietnam and Thailand and, like Grab, offers services beyond car rides.
Sourced from TechCrunch, Grab; additional content by WARC staff